CFTC Triumphs in Legal Battle Against Binance
U.S. Court imposes heavy penalties on Binance and CEO Zhao for regulatory violations, mandating strict compliance measures.
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U.S. Court imposes heavy penalties on Binance and CEO Zhao for regulatory violations, mandating strict compliance measures.
Binance has responded to the U.S. Commodity Futures Trading Commission (CFTC) in a court filing, asserting that the CFTC's attempt to regulate global cryptocurrency activities goes beyond its jurisdiction.
Legal counsel representing Binance and CZ contended that the CFTC's legal actions could be interpreted as an effort to assume a role akin to the "world’s derivatives police."
Binance, the world's largest cryptocurrency exchange by volume, is no stranger to tussles with regulators around the world.
CFTC Commissioner Summer Mersinger said in a fireside chat at the DC Blockchain Summit that Congress must unite crypto regulators.
The CFTC has formally filed complaint charges against Sam Bankman-Fried, FTX and Alameda.
Commissioner Kristin N. Johnson said that the regulator is monitoring crypto clearinghouse LedgerX on a “daily if not hourly basis.”
Commissioner Christy Goldsmith Romero says the agency needs a new way of categorizing investors as it prepares for new digital-assets oversight.
“We don’t necessarily seek more power without more resources,” Dan Berkovitz said of the crypto market.