CFTC threatens other crypto market participants amid Binance fine

The US Commodity Futures Trading Commission (CFTC) said it will continue to aggressively pursue crypto exchanges that violate federal law. This follows official comments from two commissioners, Christie Goldsmith Romero and Caroline Pham.

Specifically, Romero stated the following:

“There are no “pirate ships” in US markets. Access to American customers is a privilege, not a right. The CFTC will aggressively pursue crypto platforms that seek to circumvent customer protections.”

The commissioner also spoke out sharply against “tricks” to circumvent the KYC procedure. According to her, the case against Binance is a signal that VPNs, “I am not a US client” signs and other measures will not work.

However, Romero directly stated that the exchange was aware of illegal activities on the platform. This includes, for example, involvement in the financing of terrorist groups.

Commissioner Pham agrees with her colleague. She also threatened foreign crypto companies:

“It should be crystal clear that the CFTC will not stop pursuing non-U.S. entities.”

Let us remind you that Binance is obliged to pay a fine of $4.3 billion. At the same time, the company has changed its CEO, the position was taken by the former head of regional markets, Richard Teng.

In addition, the company's former CEO, Changpeng Zhao, admitted to violating federal law. In addition to a $50 million fine, he also faces a prison sentence.