CFTC chair cites Binance’s $6.3 billion hack to push offshore exchange registration

Michael Selig says the largest theft in crypto history makes the case for a voluntary US cybersecurity pathway for offshore platforms The biggest heist in crypto history is now a regulatory talking point. CFTC Chairman Michael Selig said the Binance hack, with estimated losses of $6.3 billion, supports his agency’s plan to let offshore exchanges register under US cybersecurity safeguards. Selig made the case in a CNBC interview on October 30, 2026, one day after the attack. What happened at Binance The hack took place on October 29, 2026. Attackers reportedly drained the funds in approximately 20 minutes. The estimated $6.3 billion loss makes this the largest theft the crypto industry has recorded. The previous record was a $1.5 billion theft linked to TraderTraitor, a North Korean hacking group. Binance has confirmed it will cover customer losses with company funds. The exchange is reserving more than $6.34 billion for that purpose. Partners had frozen around $3 billion of the stolen funds as of the time of the incident. Selig’s pitch: a voluntary on-ramp Selig is using the incident to promote a voluntary federal registration pathway. Offshore exchanges that agree to US cybersecur...