Binance Penalties Include a Number of Crypto Industry Firsts – WSJ

U.S. regulators’ settlement with the largest cryptocurrency exchange marked a new era in its enforcement efforts in the nascent sector.

Some of the penalties imposed on Binance are a first for a cryptocurrency company, with regulators employing powerful measures typically used in the past to rein in major financial institutions.

Binance’s penalties include record-breaking civil fines for the Treasury Department, the first monitorship imposed by the Treasury’s Financial Crimes Enforcement Network and the first personal liability charge against a chief compliance officer by the Commodity Futures Trading Commission.

Source: Binance Penalties Include a Number of Crypto Industry Firsts – WSJ