Veteran trader and renowned chartist Peter Brandt has weighed in on the U.S. commodity futures trading commission’s (CFTC) recent enforcement action against Binance and its top executives.
In a tweet on March 27, Brandt alluded to the inevitability of more regulatory crackdowns and questioned if Ripple might be the next target.
On March 27, the CFTC announced a civil enforcement action against Binance Holdings, as well as their owner and CEO Changpeng Zhao and former chief compliance officer Samuel Lim.
The complaint alleges multiple violations of the commodity exchange act (CEA) and CFTC regulations. The CFTC is seeking disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the CEA and CFTC regulations.
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Peter Brandt, an influential figure in the trading world with over four decades of experience, has a reputation for his astute technical analysis and chart patterns. His insights into the financial markets, especially in the realm of cryptocurrency, have earned him a significant following on social media platforms.
Binance, founded in 2017 by Changpeng Zhao, is the world’s largest cryptocurrency exchange by trading volume. The company has faced increasing scrutiny from regulators across the globe, over concerns related to anti-money laundering and consumer protection.
The CFTC’s enforcement action against Binance and its executives highlights the regulatory challenges that the cryptocurrency industry continues to face. Brandt’s tweet suggests that Ripple, the company behind the XRP cryptocurrency, might be the next to face increased regulatory scrutiny.
Ripple is currently embroiled in an ongoing legal battle with the U.S. securities and exchange commission (SEC), which alleges that the company conducted an unregistered securities offering by selling XRP tokens. Ripple has denied the allegations and is fighting the lawsuit.
As the regulatory landscape for cryptocurrencies evolves, companies like Binance and Ripple may face more stringent oversight and enforcement actions. Traders and investors will be closely watching for any updates on these legal proceedings and their potential impact on the broader cryptocurrency market.
The statement follows recent reports that the SEC vs. Ripple lawsuit is expected to reach its conclusion this year.