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Home»Regulation»Binance settlement likely a turning point in crypto regulation: CFTC commissioner
Binance settlement likely a watershed moment in crypto regulation: CFTC Commissioner
Regulation

Binance settlement likely a turning point in crypto regulation: CFTC commissioner

2023-12-06No Comments2 Mins Read
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A top US regulator has suggested that last month’s $4.3 billion settlement with Binance could mark a spike in enforcement actions against cryptocurrency companies. The settlement, which sought violations of U.S. anti-money laundering and sanctions laws, could provide a governance model for the crypto industry.

CFTC Commissioner Kristin Johnson expressed her views at an FT summit on crypto and digital assets:

“My hope would be that we have seen a spike, and what we will see going forward is that these early cases will really be a warning sign for those companies that really want to operate successfully in this ecosystem.”

She continued: “For those companies that really want to operate successfully in this area, there is an increasingly clear template for how to operate. Take the hint.”

Overdue settlement

The Binance case – a sprawling web of legal actions from the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and other regulators – represents a significant shift in the crypto regulatory landscape . On November 21, 20203, Binance Holdings Limited and its CEO, Changpeng Zhao, pleaded guilty to federal charges in a $4.3 billion resolution, the largest corporate resolution to include criminal charges for an executive. The charges include money laundering, illegally sending money and violating sanctions.

This plea is part of coordinated resolutions with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the U.S. CFTC. The Justice Department revealed that Binance, the world’s largest cryptocurrency exchange, prioritized growth and profits over compliance with US law and was sued accordingly (the SEC, which also filed charges against Binance, did not settle).

See also  Elizabeth Warren Highlights the Rise of Crypto Scams Against Seniors and Endorses New Protective Legislation

This marks a dramatic turning point since April 2023, when the CFTC was in ongoing discussions with Binance and had not decided whether to settle or go to court. Commissioner Johnson stated at the time that there was “no immediate path forward.”

However, the path now seems clearer and the Binance settlement could prove to be a turning point in crypto regulation. Johnson’s comments suggest a possible de-escalation of enforcement actions, but with a stronger emphasis on robust operating models and disclosure practices for crypto companies.

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