The increase in the popularity of Bitcoin and cryptocurrencies has caused fraudsters to turn to this sector.
While fraud incidents in the crypto money industry have seen a huge increase over the past year, regulators continue to warn people about fraud in the crypto industry.
In this context, CFTC official Christy Goldsmith Romero, who made important statements on crypto frauds, said that it is not possible to audit all frauds in this area.
Noting that there are so many cases of crypto scams, Romero stated that although the CFTC is working on several major cases, there is no way to audit all crypto scams as they are too many.
“There is a lot of fraud in this industry. There is no way we can monitor all fraud, but we have to do something.
At this point, cryptocurrency lawsuits, including its recent lawsuits against Binance and FTX, make up 20% of the CFTC's workload."
Pointing out that the crypto money industry is still a new industry, Romero also stated that it is not correct to compare the SEC and the CFTC.
“There is no war between the CFYC and the SEC over the regulation of the crypto industry.
I also disagree with the notion that the CFTC is a potentially friendlier regulator than the SEC. "
As it is known, the CFTC filed a lawsuit against Binance and its founder/CEO Changpeng Zhao in March.
