CFTC Commissioner says Binance’s $4.3 billion settlement due to rule-breaking, not fraud
Binance received a “heightened” multi-billion fine following previous public warnings from several regulators, said the CFTC Commissioner. Kristin Johnson, a Commissioner at the Commodity Futures Trading Commission (CFTC), told a digital assets summit on Dec. 5 that Binance reached a multi-agency settlement because of its rule-breaking . According to Commissioner Johnson, the mammoth crypto exchange was not accused of fraud or similar crimes and simply failed to comply with established laws. For those firms that really do want to successfully operate in this space, there is an increasingly clear template for how to operate. Take the hint. Kristin Johnson, CFTC Commissioner You might also like: Zhao’s resignation and guilty plea: a new era for Binance and crypto? Binance agreed to settlement terms by the CFTC, the U.S. Justice Department, and the Treasury over a lengthy investigation into suspected money laundering, sanctions evasion, and other misconduct. As part of...