(CTN News) – During an FT Binance crypto and digital assets summit, CFTC Commissioner Kristin Johnson stated that the recent $4.3 billion settlement between the Commodity Futures Trading Commission (CFTC) may mark the peak of enforcement actions against crypto firms.
This settlement, which was negotiated by the Justice Department and involved the Treasury Department, was a result of Binance’s violation of US anti-money laundering and sanctions laws.
Johnson further emphasized that these enforcement actions serve as a “template” for crypto companies, providing them with guidance on how they should be governed.
The regulatory efforts against crypto firms, including Binance, have been instrumental in establishing “guardrails” that aim to bring order and structure to the market.
Johnson stressed the significance of examining the Binance agreement for cryptocurrency companies to comprehend regulatory norms.
She urged these firms to adopt essential modifications to ensure compliance. The CFTC will give priority to improved disclosures for vertically integrated cryptocurrency companies, aiming to foster transparency and responsibility.
This initiative aims to offer regulators and investors a more comprehensive understanding of the firms’ operations and risks. Johnson’s remarks underscore the importance of adhering to regulatory requirements and maintaining transparency within the cryptocurrency sector.
The CFTC’s emphasis on enhanced disclosures highlights the necessity of comprehending and being transparent about the activities of these companies.
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