Last week brought troubling news for the world’s largest crypto exchange, Binance. The United States Commodity Futures Trading Commission accused the company and its CEO, Changpeng “CZ” Zhao, of trading violations. According to the lawsuit filed by the CFTC, Binance has conducted transactions for U.S. customers without proper registration since at least 2019.
According to the CFTC, Binance obscured the location of its executive offices, using 300 “house accounts.” The Commission has also accused the platform of keeping the information a “top secret,” and alleged that the exchange refused to respond to commission-issued investigative subpoenas seeking information on its trading activity.
A day later, CZ rejected all the allegations, arguing that Binance “does not trade for profit or ‘manipulate’ the market under any circumstances.” He argued that while Binance “trades” in some situations, this is mainly to convert crypto revenue to cover expenses in fiat or other cryptocurrencies. Zhao called the recent CFTC filing both “unexpected and disappointing.”
The complaint has already triggered several major reactions for Binance. A federal judge has temporarily halted its deal to purchase Voyager Digital for $1 billion after the U.S. government requested an emergency stay. And five days after the CFTC move, a new $1 billion lawsuit was filed against the crypto exchange by the law firm representing three American investors. The plaintiffs claim that Binance was involved in trading unregistered securities and paid influencers for the unlawful promotion of the services.
MakerDAO passes new ‘constitution’ to formalize governance process
MakerDAO, the decentralized autonomous organization that governs the protocol that issues the Dai (DAI) stablecoin, has passed a new proposed “constitution” to formalize governance processes and help prevent hostile actors from taking over the protocol, according to the official forum page for the proposal.
The governing document creates several categories of participants with different powers and responsibilities. For example, constitutional conservers (CCs) have the job of “facilitating and protecting the Maker Governance process” by ensuring that other participants follow the constitution. CCs can become constitutional voter committee members or constitutional delegates.
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