CFTC Federal Option Gains Traction After Binance Hack

Community Trust Score Verified 87 % Real Verified 31 votes Updated 5 minutes ago An attacker drained approximately $6.36 billion from Binance in roughly 20 minutes, a breach that has elevated the profile of the Commodity Futures Trading Commission’s voluntary “federal option” for centralized exchanges. TRM Labs reported the drain, noting that no federal regulation prevented the transaction at the time. The federal option, proposed by CFTC Chairman Michael Selig, allows exchanges to register with the agency voluntarily. In exchange for complying with specific federal standards, registered exchanges gain the ability to offer leveraged trading to US customers.

Source: The Currency Analytics