The charges stem largely from KYC processes (or lack thereof) in Binance’s early years.

The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance on Monday, alleging seven different charges related to derivatives exchange registration. In this episode, NLW explores the charges and to what extent they reflect not only a case against Binance but an ongoing regulatory turf war between the CFTC and the Securities and Exchange Commission.

“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Antonio Masiello/Getty Images, modified by CoinDesk.

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