U.S. Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero said the regulator will continue to pursue cryptocurrency exchanges that break the law.
In a statement quoted by Business Insider, the commissioner emphasized that “there are no pirate ships in US markets” and that “access to American customers is a privilege, not a right.”
Romero added that the CFTC will not tolerate the use of virtual private networks (VPNs) and other services that help users circumvent know your customer (KYC) rules, including pop-up questions that simply ask users to confirm that they are not located in the United States.
“It should be crystal clear that the CFTC will not stop in its pursuit of non-U.S. entities.”
Caroline D. Pham, CFTC Commissioner
Statements by representatives of the regulator came against the backdrop of several high-profile proceedings against the largest cryptocurrency exchanges.
This week, Binance CEO Changpeng Zhao joined former industry rival Sam Bankman-Fried in making headlines admitting to charges against him and his cryptocurrency exchange that included violating US anti-money laundering laws.
Bankman-Fried has pleaded not guilty to seven felonies, including conspiracy to commit money laundering. He now remains in the New York Metropolitan Detention Center awaiting sentencing.