The US Commodity Futures Trading Commission (CFTC) has proposed a set of rules to strengthen customer protections for cryptocurrency exchanges.
CFTC cryptocurrency exchanges asset guarantees And How they manage derivative products to discuss about Wednesday, December 13 met on the day. In the said meeting, cryptocurrency investors How to protect yourself from stock market crashes and possible cyber attacks It was discussed.
The set of rules presented is the basis for cryptocurrency exchanges. protect customer funds and assets in case of bankruptcy focused. In addition, exchanges’ customer funds must keep separate from his own funds was brought to the agenda. In this way, even in case of bankruptcy of the exchanges, user information is kept in a separate place. funds can be recovered emphasized.
Cryptocurrency exchanges provide more services to customers transparency These rules, which will require the exchanges to provide transaction fees, risks and other important information about have to give information will leave.
However, the rules apply to cryptocurrency exchanges. AML/KYC It will also require compliance with (anti-money laundering/customer identification) regulations. This requires exchanges to verify the identities of their customers and Report suspicious transactions will provide.
CFTC members Summer Mersinger And Christy Goldsmith Romero against the rules No vote While giving, CFTC Commissioner Kristin Johnson and CFTC Chairman Rostin Behnam Yes vote gave. Member Caroline Pham also Yes He was among those who voted. Offer in the coming days of the public will be opened for comment.
It is thought that protecting customer funds and assets in case of bankruptcy will help increase the confidence of cryptocurrency investors. your rule Going into effect in late 2024 Waiting.
CFTC Commission member making a statement on the subject Kristin Johnsonwhich went bankrupt last year to FTX He focused on the need for rules to prevent such situations:
In my humble opinion, one of the key motivations for taking the steps we have taken today would be the bankruptcy of FTX and the example of significant risk management corporate governance failures. They illustrate the magnitude of losses customers could suffer in the absence of regulations prohibiting commingling of customer funds or member property.