Too Long; Didn't Read
The complaint alleges that Binance, acting as a common enterprise, violated the Commodity Exchange Act by executing retail commodity transactions without conducting them on a registered board of trade. These transactions often involved leverage and non-eligible participants. Alternatively, Binance is accused of permitting direct access to its electronic trading system without obtaining proper registration. Key individuals within Binance, including Zhao and Lim, are implicated in these alleged violations. Each violation is treated as a separate offense.