Thoughts on the CFTC suit against Binance? Do you think there are any real implications for the future of crypto regulations or crypto itself?
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The crypto market is currently very poorly regulated and allows various abuses and manipulations. We have seen also very bad stories in the last time like FTX. I am sure that on the longer term there will be more control and crypto regulations.
Generally speaking crypto world is wild west. Long way to go before this becomes something sensible
Other exchanges, particularly Coinbase, should watch the CFTC suite very carefully, though this could appear to be a competitive win for them. Coinbase was fined 6.5 mil in March 2021, just was Binance has had regulatory issues in the past with several agencies.
Yes, likely a big shift in the crypto exchange market, at least in the US if Binance is blocked from the US market.
And along with the FTX scandal there is almost certainly more regulation coming down the pike for crypto.
If the CFTC is successful in its case against Binance, it could set a precedent for future enforcement actions against other cryptocurrency exchanges. This could lead to increased regulatory scrutiny and potentially stricter regulations for the cryptocurrency industry as a whole.
I think such actions will further boost the confidence of investors in the Regulators and will eventually make a safe marketplace (crypto) from the investors point of view.