Messaging history damning in CFTC case against ex-Binance CCO
By 
Kyle Brasseur2023-04-04T14:58:00
In the “Wild West” of cryptocurrency, chief compliance officers have become a valuable commodity.
Crypto firms combating the enhanced regulatory scrutiny of the last year can lean on the legitimacy offered by an established and empowered CCO. Investigators are looking toward the compliance policies and procedures of these companies and ensuring their practices meet all relevant requirements. To do so could mean removing the target on one’s back.
But the reverse is equally true: A crypto firm with a CCO found to not be handling the responsibilities of their role seriously might face additional regulatory pressure. Such a situation is currently playing out at Binance, the world’s largest crypto exchange, following charges levied by the Commodity Futures Trading Commission (CFTC) last week.
Related articles
-
PremiumBinance’s compliance past, future detailed
There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with the U.S. government.
-
News BriefBinance pleads guilty, fined $4.3B over widespread U.S. law violations
Federal agencies hit Binance with more than $4.3 billion in penalties and imposed multiple compliance monitorships on the virtual currency exchange as punishment for its repeated and intentional violations of U.S. anti-money laundering laws, sanctions, and other regulations.
-
News BriefCFTC assembles task forces to combat cyber and tech issues, ESG fraud
The Enforcement Division of the Commodity Futures Trading Commission announced it established two new task forces to combat cyberattacks and misuse of technology and environmental fraud.
More from Opinion
-
OpinionWhy the EU’s new Machinery Regulation is a wake-up call on cybersecurity
The European manufacturing industry is on the cusp of a regulatory shift that promises to reshape how machines are designed and operated.
-
OpinionWrite supply chain resilience into the contract
The only thing constant is change. Shouldn’t we be ready for that in our contracts?
-
OpinionThe AI audit burden: Why ‘Explainable AI’ is the key
AI decisions are only defensible when the reasoning behind them is visible, traceable, and auditable. Explainable AI delivers that visibility, turning black-box outputs into documented logic that compliance officers can stand behind when regulators, auditors, or stakeholders demand answers.