The hack targeting Binance on October 29, 2026 caused estimated losses of $6.3 billion, making it the largest theft recorded in the crypto industry. The exchange said it would compensate customers with company funds and reserved more than $6.34 billion for that purpose, while partners froze around $3 billion of the stolen assets. CFTC Chairman Michael Selig is using the incident to promote a voluntary US registration pathway for offshore exchanges. Platforms that agree to meet American cybersecurity standards and provide customer protections could register with US regulators, particularly if they offer margin and leverage trading to retail investors. A rulemaking already underway aims to establish the voluntary option by December 14, 2026, although full federal registration would require action by Congress.
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