Gemini

Noah

Read

/send

<div class="protos">
 <div>
  <div>
   <div>
    <p>A senior commissioner at the Commodity Futures Trading Commission (CFTC) stated that it’s unlikely we’ll see a penalty brought against a crypto firm that can exceed the $4.3 billion in fines that Binance agreed to pay.</p>
    <p><a rel="noopener noreferrer nofollow" title="CFTC" href="https://thebittimes.com/tag/cftc.html">CFTC</a> commissioner Kristin Johnson told the audience at a recent crypto summit that she hopes the landmark case against <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> “will really be a bit of a cautionary tale.” The commissioner added that <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>’s penalties established “guardrails” to bring “order and structure” to the market, Reuters reports.</p>
    <p>“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 bit of a cautionary tale for those firms that really do want to successfully operate in this ecosystem,” Johnson said.</p>
    <p>At the same summit, Johnson added that Binance’s penalties were “heightened” because the crypto exchange had been <strong>warned plenty of times before that it must comply with regulations</strong>.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
     <div class="wp-block-embed__wrapper">
      <blockquote class="wp-embedded-content" data-secret="dWkhWiMrOd">
       Binance invested heavily in lobbying before guilty plea
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Binance invested heavily in lobbying before guilty plea” — Protos" src="https://protos.com/binance-invested-heavily-in-lobbying-before-guilty-plea/embed/#?secret=sLC4D1mGsd#?secret=dWkhWiMrOd" data-secret="dWkhWiMrOd" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
     </div>
    </figure>
    <p><em>Read more: Top <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> exec Noah Perlman’s ties to Epstein, Moonstone, and Gemini</em></p>
    <p>The commissioner added that the settlement of the case “did not involve any allegation of fraud or similar misconduct.” These sentiments are echoed by <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> chief Changpeng Zhao, who controversially posted that “in our resolutions with US agencies they do not allege that <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> misappropriated any user funds, and do not allege that <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> engaged in any market manipulation.”</p>
    <p>That said, Johnson added that the CFTC is “deep and careful” in its preparation before deciding civil penalties. Binance’s penalties were mostly heightened because the <strong>CFTC has publicly reiterated several times that it needs to comply</strong>, and it still failed to.</p>
    <p><a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>’s $4.3 billion <a rel="noopener noreferrer nofollow" title="penalty" href="https://thebittimes.com/tag/penalty.html">penalty</a> marked the largest settlement to be reached with a crypto firm, and simultaneously settled several cases with other US agencies. However, it didn’t get rid of the Securities and Exchange Commission’s (SEC) lawsuit against <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>, which claims that the exchange and CZ engaged in massive wash-trading.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
   </div>
  </div>
 </div>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-s-4-3b-penalty-hard-to-beat-cftc-senior-official-says-tbt72705.html">https://thebittimes.com/binance-s-4-3b-penalty-hard-to-beat-cftc-senior-official-says-tbt72705.html</a></p>

Binance's $4.3B penalty hard to beat, CFTC senior official says

TheBitTimes

Other articles published on Dec 5, 2023

BTC Price Set To Soar Past $50K As Crypto Traders Flock To Bitcoin ETF Token Following Bumper $2....

Anticipating SEC Approval: BlackRock and Bitwise Revamp Bitcoin ETF Applications

Crypto Champion Patrick McHenry Ends 20-Year Congressional Run

Breaking: Binance drops trading fees to zero on 6 hot FDUSD pairs – Details

Phoenix Group’s Stellar Debut on Abu Dhabi Exchange

Bitcoin has surpassed $42,000, marking a recovery in the crypto market to pre-Terra levels.

Join our free newsletter for daily crypto updates!