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
-
OpinionWho is leading the fight against confidence scams, and who should?
Internet-enabled scams are drawing national attention, with authorities treating them as organized transnational crimes. The FBI says confidence schemes now make up a significant share of online fraud, prompting questions about how the private sector is responding.
-
OpinionWhen stability fails: Why over-optimization creates organizational brittleness
Most organizations would say they value stability. Predictable operations, consistent output, and well-defined processes are generally considered marks of maturity. The assumption is simple: if a system can be made reliable, it becomes resilient.
-
PremiumQ&A with former FCPA Unit chief Charles Duross on the DOJ’s monitorship policy
Compliance Week recently interviewed Charles Duross, former Chief of the DOJ’s Fraud Section’s FCPA Unit, to talk about the Department of Justice’s recently revised monitorship policy.