The case of the crypto money market, which has been talked about for a while, seems to be coming to an end in the case between Binance and the CFTC. According to the quoted data, a Commodity Futures Trading Commission (CFTC) official suggested that the case with the giant cryptocurrency exchange be taken to a logical conclusion, which could be the first sign that the regulation on the cryptocurrency market will be slightly reduced! Here are the details…
Critical statements regarding the Binance case came from the CFTC official!
The lawsuit between Binance and CFTC, one of the litigation news of the crypto money market since March 2023, may result in a move that will reduce the regulatory pressure on the market. A Commodity Futures Trading Commission (CFTC) official took action to bring the Binance case to a logical conclusion. In early March 2023, crypto exchange Binance and its CEO, Changpeng “CZ” Zhao, were sued by the CFTC for regulatory breach. The lawsuit was filed for allegedly violating the transaction laws in the United States. This is described as one of the largest enforcement actions against a crypto market business, given that Binance is by far the largest crypto exchange.
On the other hand, with the petition filed by Coinbase to the US Securities and Exchange Commission (SEC), the crypto money markets appeared to be somewhat relieved. As you know, the giant exchange sued the SEC for not getting any response to the rulemaking petition and demanded that the SEC write regulations explaining how the securities laws apply to digital assets.
Giant cryptocurrency exchange Binance is in contact with the CFTC!
On the other hand, this moderate attitude of the CFTC towards the cryptocurrency exchange draws attention. Finally, CFTC commissioner Kristin Johnson announced that she is in discussions with Binance regarding the agency’s activities. Adding that he hopes to find a way forward in the case, the CFTC official said in a statement to the giant channel CNBC that it has not yet been decided whether the case will be taken to court or a settlement will be reached. The statement made by the authorized person is as follows:
We are in constant conversations with Binance to identify what we understand to be potentially problematic behavior and to give them the opportunity to explain this behavior and help us find a way forward.
Many experts are closely following the agreement between the two parties. The reason for this is that a possible deal could mean that it will bring a big profit to the cryptocurrency market.
Will the giant cryptocurrency exchange move its Chinese presence to North America?
Cryptocurrency exchange Binance currently has around one hundred contract employees based in Shanghai, China’s largest city and a global financial hub, according to a Bloomberg report citing anonymous sources. Most of these people work in engineering and product development departments. However, at the giant firm, a proposal to move at least some of its workforce to North America has been in the works for at least a year, but there has been little development.
However, as you may recall, the Commodity Futures Trading Commission sued Binance.US last month, alleging uncertainties between Binance.US and Binance Holdings, the parent company of all Binance subsidiaries and affiliates. Binance exchange is accused of running a “deliberately anti-transparent joint venture” that should have been registered with the CFTC but was not registered a long time ago, according to the agency’s statement, which also mentioned Zhao in its lawsuit and requested a fine. On the other hand, while talking about manpower and personnel, a Binance.US spokesperson said, “Binance.US has a global workforce of more than 500 employees and contractors serving our US-based customers.”
However, a link between China and Binance could prompt US officials to further investigate the cryptocurrency exchange, according to data quoted by Bloomberg and a former top US government official. That’s why experts advise investors to be careful.
60717
