The chief legal officer of crypto exchange Kraken is optimistic that Binance’s decision to settle with the US government will benefit the digital asset industry.
Last month, the world’s largest cryptocurrency exchange by trading volume agreed to pay more than $4 billion in fines after pleading guilty to money laundering, violating sanctions and operating an unregistered money transmission business.
In a new CNBC interview, Kraken’s Marco Santori says Binance’s settlement will pave the way for a new era for crypto.
“The industry, the ecosystem, regulators and policymakers are, I think, ready to move on from the Binance settlement, that’s what settlements do. They formed the basis for a step forward towards something better.
I think Binance users were relieved to find that there were no allegations of missing funds. There were no allegations of insolvency.
There were allegations of breaches of financial services legislation, which were serious, but fortunately I think this is just further evidence of a bright future for crypto and a digital asset ecosystem that has much of its dark days behind it left.
Santori’s statement on the implications of Binance’s settlement for the future of crypto comes as the U.S. Securities and Exchange Commission (SEC) announced last month that it was charging Kraken for allegedly operating as an unregistered securities exchange, broker, dealer and clearing agency.
He says Kraken is closely watching a US bill that will regulate crypto exchanges.
“In the US, we are following the movement of a bill that recently came out of committee called Fit21. It’s a market structure bill that would regulate companies like ours, regulate Kraken and Coinbase and Gemini and all the rest in the United States.”
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