Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham released the following statement regarding the CFTC’s consent orders related to Binance announced today:
“These enforcement actions, including separate consent orders against two individuals with hundreds of millions of dollars in penalties, demonstrate that the CFTC is committed to holding management accountable. It should be crystal clear that the CFTC will not stop in its pursuit of non-U.S. entities, and that the CFTC does not recognize any limits on its exercise of its broad Dodd-Frank authorities. The CFTC continues to bring severe penalties—over a billion dollars—against crypto trading platforms for alleged failures to register properly and other violations. These settlements today are also notable for two first-ever legal precedents: the first alleged charge of evasion under CFTC Rule 1.6(a) for activities outside the United States relating to swaps, and the first alleged charges for individual liability against a chief compliance officer. I commend the hard work of the CFTC Division of Enforcement, and applaud the parallel enforcement actions together with the U.S. Department of Justice and the U.S. Department of the Treasury against illicit finance and alleged violations of anti-money laundering laws.”
