Goldsmith Emphasizes Taking Aggressive Action Against Crypto Exchanges Breaking the Law
Summary
The US Commodity Futures Trading Commission (CFTC) has issued a warning to other cryptocurrency exchanges following Binance’s $4.3 billion settlement with US authorities. Former Binance CEO Changpeng Zhao (CZ) pleaded guilty and resigned. The CFTC claims that Binance allowed its US clients to trade unregistered crypto derivatives. CFTC Commissioner Christy Goldsmith Romero stressed the need for aggressive action against exchanges that break regulations, particularly regarding KYC laws.
Introduction
The US CFTC has issued a warning to other cryptocurrency exchanges in the wake of Binance’s $4.3 billion settlement with US authorities. The former CEO of Binance, Changpeng Zhao, pleaded guilty and resigned. The CFTC alleges that Binance permitted its US customers to engage in trading unregistered crypto derivatives. CFTC Commissioner Christy Goldsmith Romero emphasized the necessity of taking aggressive action against exchanges that violate trading regulations, specifically KYC laws.
Main Points
- The US CFTC has warned other cryptocurrency exchanges following Binance’s $4.3 billion settlement with US authorities.
- The former CEO of Binance, Changpeng Zhao, has pleaded guilty and resigned.
- The CFTC accuses Binance of allowing US customers to trade unregistered crypto derivatives.
- CFTC Commissioner Christy Goldsmith Romero emphasized the importance of aggressive action against exchanges that violate trading regulations, including KYC laws.
- CFTC Commissioner Caroline D. Pham reaffirmed the agency’s worldwide jurisdiction and commitment to taking action against non-US businesses.
Conclusion
The US CFTC has issued a warning to cryptocurrency exchanges in the aftermath of Binance’s settlement with US authorities. The former CEO of Binance has pleaded guilty and resigned. The CFTC alleges that Binance allowed its US customers to trade unregistered crypto derivatives. CFTC Commissioner Goldsmith Romero stressed the need for aggressive action against exchanges that break trading regulations, particularly KYC laws. The CFTC remains committed to pursuing actions against non-US businesses, showcasing its global jurisdiction in the crypto market.