Introduction
Binance US, the American arm of the cryptocurrency exchange Binance, has reportedly hired former US Securities and Exchange Commission (SEC) enforcement official Brian Stoeckert. The move comes as Binance faces a lawsuit from the Commodity Futures Trading Commission (CFTC) over allegations of illegal trading.
Former SEC Enforcement Official Joins Binance US
According to a report by Forbes, Binance US has hired Brian Stoeckert, a former SEC enforcement official, as its new chief compliance officer. Stoeckert brings with him extensive experience in regulatory compliance and is expected to help Binance US navigate the legal challenges it currently faces.
Binance US Faces Legal Challenges
Binance US is currently facing a lawsuit from the CFTC over allegations that it allowed US customers to trade cryptocurrency derivatives without registering with the agency. The CFTC claims that Binance US violated the Commodity Exchange Act, which requires exchanges to register with the agency before offering derivatives trading.
Binance US has denied the allegations, stating that it has always operated in compliance with US laws and regulations. The exchange has also stated that it is committed to working with regulators to ensure that its operations are fully compliant with US law.
Strengthening the Legal Team
The hiring of Stoeckert is seen as an attempt by Binance US to strengthen its legal team and better position itself to navigate the ongoing legal challenges it faces. Stoeckert’s experience in regulatory compliance is expected to be a valuable asset to Binance US as it works to ensure that its operations are fully compliant with US law.
Related:US Will Find the Right Outcome for Crypto: Coinbase CEO
Conclusion
The hiring of Brian Stoeckert as chief compliance officer is a significant move for Binance US as it faces a lawsuit from the CFTC. Stoeckert’s experience in regulatory compliance is expected to be a valuable asset to the exchange as it works to ensure that its operations are fully compliant with US law. The move also demonstrates Binance US’s commitment to working with regulators and strengthening its legal team.
