UPDATE: CFTC promotes exchange registration rules after $6.36B Binance hack
CIE News ·
Update to UPDATE: FBI joins probe into Binance breach as losses reach up to $6.36 billion
This is a developing story; details may change as more information becomes available.
CFTC Chairman Michael S. Selig cited the $6.36B Binance hack to urge adoption of federal registration rules, noting that stablecoin issuers froze roughly $2.7B.
CFTC Chairman Michael S. Selig cited the recent $6.36 billion Binance exploit while promoting proposed federal registration rules, noting that stablecoin issuers froze roughly $2.7 billion following the incident. As previously reported, U.S. law enforcement agencies opened an investigation after Binance hot wallets across ten blockchains were drained beginning on October 29.
According to finance.biggo.com, Selig stated that the attack underscores the need for market standards equivalent to U.S. derivatives markets, including cybersecurity standards, asset segregation, and customer protections. Selig characterized platforms that lack such safeguards as "unregulated offshore exchanges" and pointed out that blockchain transparency offers a considerable likelihood of recovering stolen funds.
The agency is seeking feedback on its Crypto Trading Rule Proposal (CTX) and Crypto Market Rule Proposal (CAM), which introduce a voluntary federal registration framework for platforms offering retail leverage. Public comments on the advance notices remain open through December 14, 2026.
Key facts
- $6.36B Binance exploit
- $2.7B stablecoins frozen
- CFTC Regulation CTX and CAM
- Comments close Dec 14, 2026
Read the original at trmlabs.com