CFTC chair urges US oversight after $6.4 billion Binance hack

CFTC Chairman Michael Selig argued that the $6.4 billion theft targeting Binance highlights the urgent need for US regulatory oversight of offshore crypto exchanges. Speaking with CNBC, Selig stated that the record-breaking hack underscored the agency’s push for a federal rulebook to govern digital asset markets. Selig told CNBC that the incident “proves our exact point” regarding the crypto-market regulations proposed by the Commodity Futures Trading Commission earlier this month. He stressed that offshore trading venues lack the robust safeguards present in US financial markets, making them vulnerable to sophisticated attacks.