CFTC commissioner says there is no ‘immediate path forward” with Binance News ▸ US ▸ Binance ▸ Regulation
CFTC commissioner says there is no ‘immediate path forward” with Binance
The two parties have not decided to settle or go to court, Commissioner Johnson said.
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Updated: Apr. 25, 2023 at 8:35 pm UTC
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A leader at the Commodities and Futures Trading Commission (CFTC) has stated that her agency is in conversation with Binance, CNBC reported April 25.
CFTC Commissioner Kristin Johnson said:
“We’ve been in continuing conversations with [Binance] to … give them an opportunity to explain that conduct and to help us find a path forward.”
The CFTC initially filed charges against Binance on March 27, when it accused Binance of soliciting U.S. users to illegally trade derivatives. Apart from its initial announcement, and until today, the regulator has said little else about the matter.
Binance, meanwhile, responded to the CFTC by stating that the charges were “unexpected” and pledged to cooperate with U.S. regulators.
Johnson said that she does not want to prejudge the course of litigation but noted that the CFTC typically has conversations with companies before launching litigating.
She also said that the regulatory agency has specifically been in conversation with Binance over its “potentially problematic” actions but that those discussions have not been successful.
Johnson added that the two parties have not decided to settle the case or go to court and said that “there is not an immediate path forward” at present.
Johnson also called for more cryptocurrency regulation from U.S. Congress, especially laws around spot trading that might fall under the CFTC’s jurisdiction.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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