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The Commodity Futures Trading Commission (CFTC) has accused Binance of trying to do business in the US while not registering with authorities.Binance has defended its actions by saying it has spent a lot of money to ensure that US users don’t use its platform.

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The CFTC’s lawsuit against Binance comes as regulators pay more attention to the crypto industry.The CFTC also said Binance told US customers how to get around the company’s stricter rules using virtual private networks (VPNs) and shell companies.Binance did not require customers to provide identity-verification information before trading on the platform.

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US regulators are taking legal action against Binance (one of the world’s largest crypto exchanges) because they say it has been operating illegally.It said it did so to protect American investors and to send a broader warning to people who work in the crypto sector

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