Binance's $4.3B penalty hard to beat, CFTC senior official says
A senior commissioner at the Commodity Futures Trading Commission (CFTC) stated that it’s unlikely we’ll see a penalty brought against a crypto firm that can exceed the $4.3 billion in fines that Binance agreed to pay. CFTC commissioner Kristin Johnson told the audience at a recent crypto summit that she hopes the landmark case against Binance “will really be a bit of a cautionary tale.” The commissioner added that Binance ’s penalties established “guardrails” to bring “order and structure” to the market, Reuters reports. “My hope would be that we have seen a spike, and what we will see going forward is that these early cases will really be a bit of a cautionary tale for those firms that really do want to successfully operate in this ecosystem,” Johnson said. At the same summit, Johnson added that Binance’s penalties were “heightened” because the crypto exchange had been warned plenty of times befo...