CFTC Chairman Rostin Benham has accused Binance of purposefully breaking regulatory rules, Bloomberg reported.

During a Princeton University event, Benham described Binance’s leadership by stating:

“These are not unsophisticated individuals…They are starting large companies and offering futures contracts and derivatives to US customers.”

Benham reportedly went on to say that Binance deliberately broke the rules set out by the Commodities and Futures Trading Commission (CFTC) with its activities. He added that there is an understanding among companies that offer futures products in the U.S. that they must register with the regulator and comply with all relevant laws.