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News

CFTC Commissioner Shares Bleak Outlook On Binance’s Future

April 26, 2023 - Around 2 mins mins to read

Key Points:

  • The CFTC is in conversation with Binance over the lawsuit.
  • 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 the US Congress.
Commodities and Futures Trading Commission (CFTC) has revealed that the regulatory agency is currently engaged in ongoing discussions with Binance.
CFTC Commissioner Shares Bleak Outlook On Binances Future 2

The discussions come in the wake of charges that the CFTC initially filed against Binance on March 27, 2023, alleging that the popular cryptocurrency exchange solicited U.S. users to trade derivatives illegally.

CFTC Commissioner Kristin Johnson has stated that her agency has been in conversation with Binance to give them the opportunity to explain their conduct and work together to find a way forward. While she has not made any definitive statements regarding the course of litigation, Johnson did reveal that the CFTC typically has preliminary conversations with companies before launching litigation.

CFTC Commissioner Shares Bleak Outlook On Binances Future

Despite Binance’s initial response to the charges, where they pledged to cooperate with U.S. regulators, and a number of subsequent discussions between the two parties, the CFTC has not yet found a satisfactory resolution to the matter. Johnson noted that the discussions with Binance have been focused on addressing the exchange’s “potentially problematic” actions but that the parties have not yet decided whether to settle the case out of court or to proceed with litigation.

In light of this ongoing legal dispute, Johnson has called for more cryptocurrency regulation from U.S. Congress, specifically around spot trading. She believes that such regulations would fall under the jurisdiction of the CFTC and would help to clarify the legal status of exchanges like Binance. While there is currently no immediate path forward in the case, Johnson remains optimistic that a solution can be found through continued discussions with Binance and other stakeholders in the cryptocurrency industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Binance

Binance’s Future

CFTC

CFTC Commissioner

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

CFTC Commissioner Shares Bleak Outlook On Binance’s Future

Key Points:

  • The CFTC is in conversation with Binance over the lawsuit.
  • 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 the US Congress.
Commodities and Futures Trading Commission (CFTC) has revealed that the regulatory agency is currently engaged in ongoing discussions with Binance.
CFTC Commissioner Shares Bleak Outlook On Binances Future 2

The discussions come in the wake of charges that the CFTC initially filed against Binance on March 27, 2023, alleging that the popular cryptocurrency exchange solicited U.S. users to trade derivatives illegally.

CFTC Commissioner Kristin Johnson has stated that her agency has been in conversation with Binance to give them the opportunity to explain their conduct and work together to find a way forward. While she has not made any definitive statements regarding the course of litigation, Johnson did reveal that the CFTC typically has preliminary conversations with companies before launching litigation.

CFTC Commissioner Shares Bleak Outlook On Binances Future

Despite Binance’s initial response to the charges, where they pledged to cooperate with U.S. regulators, and a number of subsequent discussions between the two parties, the CFTC has not yet found a satisfactory resolution to the matter. Johnson noted that the discussions with Binance have been focused on addressing the exchange’s “potentially problematic” actions but that the parties have not yet decided whether to settle the case out of court or to proceed with litigation.

In light of this ongoing legal dispute, Johnson has called for more cryptocurrency regulation from U.S. Congress, specifically around spot trading. She believes that such regulations would fall under the jurisdiction of the CFTC and would help to clarify the legal status of exchanges like Binance. While there is currently no immediate path forward in the case, Johnson remains optimistic that a solution can be found through continued discussions with Binance and other stakeholders in the cryptocurrency industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News