Binance Hack: CFTC Chair Calls for Registration of Offshore Platforms
The historic breach at Binance could reshape regulatory norms for a cryptocurrency ecosystem still rattled. CFTC Chair Michael Selig argues that offshore crypto platforms should register with his regulatory agency. The…
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https://cryptoast.fr/piratage-binance-patron-cftc-plaide-pour-registration-plateformes-offshore/
The recent hack of the Binance platform estimated at more than 6 billion dollars - of which almost 3 billion were quickly frozen by Tether and Circle - undoubtedly stands out as a historic point for the cryptocurrency sector, of which we can subsequently say that there is a before and an after.
Indeed, the status of world leader held by this crypto exchange highlights certain critical failures which allowed a chain of compromises much more problematic than the simple access to an engineer's laptop initially announced, but also a regulatory flaw pointed out by the president of the American CFTC, Michael Selig.
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An assertion made in an interview given to the financial news channel CNBC, during which he explained that the Binance hack demonstrates why unregulated offshore platforms should register with the CFTC and adopt American-level cybersecurity standards.
The CFTC has proposed new regulations aimed at establishing a federal registration option for cryptocurrency exchanges, which would bring to crypto markets the same proven safeguards that have protected U.S. derivatives markets against cyber and other risks for decades. Markets are better protected when they are regulated in the United States.
It seems important to clarify that the Binance.US platform apparently did not suffer direct consequences from the hack, since it is a separate infrastructure subject to the American regulatory framework.
After the Binance hack, some users want to know which MiCA-approved platforms they can move their cryptos to.
According to Michael Selig, the current situation proves exactly the correctness of his point of view regarding the recent crypto market regulations proposed in early October, with the CTX (Crypto Asset Transactions) and CAM (Crypto Asset Markets) regulations regarding leveraged trading for individuals and the protection of client funds.
An initiative presented at its launch as a way to learn lessons from the collapse of FTX, the main role of which is to offer a regulatory framework adapted to crypto exchange platforms which wish to “operate their activities under the aegis of a single federal market regulation regime”.
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