<p>A top US markets regulator on Monday charged cryptocurrency giant Binance and its founder Changpeng Zhao for multiple violations, in another move by Washington against the once high-flying sector.</p>.<p>Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), said the charges against Binance, the world's largest crypto exchange, were part of a campaign to "find and stop misconduct in the volatile and risky digital asset market."</p>.<p>The allegations targeted Zhao, also known by his Twitter handle CZ, and three entities that make up his crypto empire.</p>.<p>Zhao was often presented as the archrival of crypto tycoon Sam Bankman-Fried, the founder of FTX, who was arrested in the Bahamas in December and faces a US criminal trial later this year.</p>.<p>"For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance," Behnam said in a statement.</p>.<p>"This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of US law," he added.</p>.<p>The charge sheet accuses Binance of failing to uphold standards that are required of a company operating as a derivatives market.</p>.<p>Since July 2019, "Binance's compliance program has been ineffective," the statement said.</p>.<p>At Zhao's direction, Binance employees and customers were directed to skirt compliance controls "to maximize corporate profits," the regulator added.</p>
<p>A top US markets regulator on Monday charged cryptocurrency giant Binance and its founder Changpeng Zhao for multiple violations, in another move by Washington against the once high-flying sector.</p>.<p>Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), said the charges against Binance, the world's largest crypto exchange, were part of a campaign to "find and stop misconduct in the volatile and risky digital asset market."</p>.<p>The allegations targeted Zhao, also known by his Twitter handle CZ, and three entities that make up his crypto empire.</p>.<p>Zhao was often presented as the archrival of crypto tycoon Sam Bankman-Fried, the founder of FTX, who was arrested in the Bahamas in December and faces a US criminal trial later this year.</p>.<p>"For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance," Behnam said in a statement.</p>.<p>"This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of US law," he added.</p>.<p>The charge sheet accuses Binance of failing to uphold standards that are required of a company operating as a derivatives market.</p>.<p>Since July 2019, "Binance's compliance program has been ineffective," the statement said.</p>.<p>At Zhao's direction, Binance employees and customers were directed to skirt compliance controls "to maximize corporate profits," the regulator added.</p>