The Binance hack, estimated at more than $6 billion, resulted in approximately $3 billion in assets being quickly frozen by Tether and Circle. CFTC Chairman Michael Selig said the incident demonstrates the need for offshore cryptocurrency platforms to register with the US regulator and adopt cybersecurity standards comparable to those in the United States. Binance.US, which operates a separate infrastructure and is regulated in the United States, apparently was not directly affected. Selig also defended a unified federal regime for cryptocurrency markets, but it remains voluntary until Congress passes legislation requiring platforms to register with the CFTC.
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