CFTC chair cites Binance’s $6.3 billion hack to push offshore exchange registration

Michael Selig says the largest theft in crypto history makes the case for a voluntary US cybersecurity pathway for offshore platforms The biggest heist in crypto history is now a regulatory talking point. CFTC Chairman Michael Selig said the Binance hack, with estimated losses of $6.3 billion, supports his agency’s plan to let offshore exchanges register under US cybersecurity safeguards. Selig made the case in a CNBC interview on October 30, 2026, one day after the attack. The hack took place on October 29, 2026. Attackers reportedly drained the funds in approximately 20 minutes.