Crackdown on Crypto by CFTC

Reports indicate that after reaching a settlement with the US Department of Justice, Binance, the world’s largest crypto exchange, is now facing increased scrutiny from the US Commodity Futures Trading Commission (CFTC). This follows charges against Binance‘s former CEO and signals a tough road ahead for the crypto industry.

The CFTC is taking a strong stance against attempts to bypass anti-money laundering laws, warning that access to US customers is a privilege, not a right. This crackdown extends to both domestic and foreign companies, with no tolerance for non-compliance with KYC rules.

Additionally, the SEC is also targeting Ripple, Kraken, Binance, and Coinbase, adding to the pressure on the crypto industry.

Recovery in the Crypto Markets

Despite recent challenges, the crypto market is showing signs of recovery, with most cryptocurrencies, including Binance‘s BNB Coin, experiencing positive price momentum. bitcoin, which initially saw a dip in value following the Binance news, is now trading at a higher value, along with ethereum and other crypto assets, reaching heights last seen in May 2022.

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