CFTC in talks with Binance over alleged illegal conduct

Commodities regulator CFTC is holding talks with Binance in an attempt to determine whether the company has broken laws around derivatives trading by soliciting US clients. An initial charge was filed against Binance on 27 March, which was not followed up until now. Kristin Johnson, CFTC Commissioner, who is leading negotiations, said discussions with Binance over “potentially problematic actions” have not been resolved. While there was no alternative to either a settlement or a trial, there remained “no immediate path forward”. Meanwhile, Johnson voiced the CFTC’s desire for expanded legislation related to cryptocurrencies by Congress, calling for clearer guidelines around spot trading.

Binance in reg talks with CFTC

A commissioner at the Commodity and Futures Trading Commission (CFTC) has said that the regulator is in discussion with Binance to determine whether the company has broken US rules by seeking to trade derivatives with US clients. Kristin Johnson, a leading official in negotiations, warned that talks over previous “potentially problematic” conduct were currently unresolved, leading to an uncertain outcome for the case. While legislation surrounding the cryptocurrency world awaits clarification in the form of Congressional debates, Johnson urged haste in establishing clearer regulations around spot trading for better practical enforcement of CFTC budgets.

[h/t Mike Dalton]