According to Decrypt, CFTC Chair Michael Selig said the record $6.4 billion theft from Binance illustrates why offshore cryptocurrency exchanges should register with the U.S. Commodity Futures Trading Commission and adopt cybersecurity standards comparable to those required in the United States.
The statement references a recent hack targeting Binance, during which the amount stolen was reported as $6.4 billion. Selig emphasized that the incident highlights risks associated with exchanges operating outside U.S. regulatory frameworks. He argued that registration with the CFTC and compliance with U.S.-level cybersecurity requirements would help address these risks.
No details about timing of the statement, specific regulatory proposals beyond registration and standard adoption, or reactions from Binance were included in the source summary. The focus remains on Selig’s explanation that the scale of the theft supports the need for greater oversight of offshore exchanges under U.S. jurisdiction.
