Following a rigorous investigation and increased regulatory scrutiny directed at Binance, the leading cryptocurrency exchange by trading volume, hopes for stability in the financial sector were high within the crypto community. 

The recent settlement between Binance and the US Department of Justice (DOJ), which involved CEO Changpeng Zhao (CZ) pleading guilty to charges, was seen as a potential turning point and a source of relief for the overall market. 

However, the Commodity Futures Trading Commission (CFTC) has made it clear that the Binance settlement is merely the first step in their “aggressive pursuit” of the entire crypto industry.

No Safe Haven For Crypto Exchanges 

According to a Business Insider report, CFTC Commissioner Christy Goldsmith Romero emphasized that “there are no pirate ships in US markets” and stressed that access to US customers is a privilege, not a right. 

Per the report, the CFTC intends to maintain its unwavering pursuit of crypto exchanges found to violate trade laws. Commissioner Romero explicitly stated that the CFTC would not tolerate the use of virtual private networks (VPNs) or any other tactics aimed at circumventing Know Your Customer (KYC) rules, including “deceptive pop-up questions” seeking to evade jurisdiction.

CFTC Commissioner Caroline D. Pham echoed Romero’s sentiments, emphasizing that the CFTC’s jurisdiction is not confined by borders. Pham declared it should be “unequivocally clear” that the CFTC will continue its relentless pursuit of non-US entities involved in alleged illicit activities within the cryptocurrency space. 

Binance CEO’s Defense Advocates For Combined Home Detention And Incarceration

In a recent

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Author: Ronaldo Marquez

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