Binance is seeking to fend off charges again from U.S. commodity regulators, as the world’s biggest crypto exchange faces increasing heat from enforcers.
I'm very limited in what I can say on active enforcement cases. Uh But it, I, what I will say is when it comes to the enforcement authority we have at the CFTC. While we do not have spot market regulation, we do have broad enforcement authority when it comes to fraud and manipulation in market in commodity markets. And that the, um that's the enforcement power that we're using here. And it really is, again, it's very broad and you know, if there are us persons, us markets involved, we do have that authority to go in and make fraud and manipulation charges, you bring up us persons and I, I've seen companies in this space to operate outside of the US, but us, customers can access their products in various different ways. How do you define or determine if us persons are involved in a company that doesn't actually operate in this, in the US and make their products readily to us citizens. And I think that's an area area where we could provide some clarity. Um I, we, we see a lot of cases where, um you know, the claim is they were not offering their products to us persons that they have disclosures or disclaimers on their website saying us persons cannot access yet. There are, you know, there have been in instructions on, you know how to get a VPN and, and hide your um your location. So in fact, we've seen a number of cases where you know, the the claims are, us, persons aren't allowed. And then there might be a youtube video from the founder saying exactly how a US person can access the market. So right now it's very facts and circumstance based when we bring enforcement cases. But I do think we could probably offer for some clarity here and say it to companies. Here's what we expect you to do to keep you as customers out of your markets um to avoid having us come after, you know, come in and, and, you know, bring our enforcement authority um into the activity that you're, that you're involved in.