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CFTC Chairman Michael Selig stated that the $6.4 billion Binance hack highlights the need for U.S. regulation of offshore exchanges.
U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig stated on Friday that Binance's record-breaking $6.4 billion theft is precisely why offshore crypto exchanges need U.S. regulation. He emphasized that these unregulated offshore exchanges lack the safeguards present in U.S. financial markets and proposed a "federal option" that would allow these platforms to register with the CFTC and comply with U.S. cybersecurity standards. Selig's comments aim to bolster the CFTC's proposed crypto market regulations from earlier this month, providing a strong argument for the agency's regulatory efforts.
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