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Following an extensive investigation, the US Commodity Futures Trading Commission (CFTC) is intensifying its crackdown on cryptocurrency platforms that violate trading laws. Binance, the world’s largest crypto exchange, recently settled with the US Department of Justice and paid a hefty fine of $4.3 billion. The former head of Binance, Changpeng Zhao, also pled guilty to charges including breaching anti-money laundering laws and resigned as CEO. The CFTC has declared zero tolerance for attempts to bypass KYC rules and emphasized that access to US customers is a privilege, not a right. This crackdown applies to both domestic and foreign entities. Meanwhile, the crypto market is experiencing a recovery after a sharp decline following the Binance news. Bitcoin, Ethereum, and other cryptocurrencies are showing positive price momentum and reaching heights last seen in May 2022.