THE NATIONAL · 2026-10-30 21:21 UTC

US CFTC boss says Binance hack 'proves his point'

CFTC chairman Michael Selig said the $6.3 billion Binance hack 'proves our exact point' about needing crypto regulations, citing lack of safeguards compared to traditional US markets. Binance announced the security breach resulted from a compromised DevOps engineer's laptop and said it will cover all losses; co-CEO Richard Teng sought to calm user fears. Trump has not commented on the hack despite previously pardoning Binance founder Changpeng Zhao in 2025 after his money-laundering conviction.

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