Two days after Binance’s $4.3 billion settlement announcement with regulators, the US CFTC has issued a stern warning to other crypto exchanges hinting at similar action ahead.
US CFTC on Binance
On Tuesday, Changpeng Zhao (CZ) admitted guilt and stepped down as CEO. Binance shall settle fines exceeding $4.3 billion, with $50 million contributed by the former CEO. Part of this sum will address allegations raised by the Commodity Futures Trading Commission, related to Binance permitting U.S. customers to engage in trading unregistered cryptocurrency derivatives.
Speaking on the development further, CFTC Commissioner Christy Goldsmith Romero added: “There are no pirate ships in US markets” and that “access to US customers is a privilege, not a right.”
Goldsmith emphasized the CFTC’s commitment to maintaining a robust approach against crypto exchanges that breach trading regulations. He highlighted a zero-tolerance policy for tactics such as VPN usage or any attemp
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