WASHINGTON (Reuters) – Exercise at Binance was a reasonably clear case of a breakout and U.S. authorities wanted to intervene aggressively and as rapidly as doable, the chairman of the Commodity Futures Buying and selling Fee stated on Tuesday.

The US company sued Binance, the world’s largest crypto alternate, on Monday.

“It appeared like a reasonably clear case of evasion and one thing we wanted to aggressively intervene with and do it as rapidly as doable as a result of it was an ongoing fraud – courting again to 2019 – and a breach. continuation of the commodity alternate regulation,” CFTC Chairman Rostin Behnam stated in an interview with CNBC.

Behnam stated Binance is a three way partnership made up of dozens and dozens of entities scattered all over the world.

“Not having a headquarters, not having a location will not cease the CFTC from prosecuting you,” he stated.

Benham stated it was clear that management of the corporate got here from Binance CEO Changpeng Zhao and there was clear documentation of an intent to evade the regulation.

“So we are going to proceed vigorously and combat this case in court docket,” he advised the CFTC.