The standoff between Binance and New York State regulators highlights the need for clear rules, according to U.S. Sen. John Boozman (R-Ark.).
It's not right that we have these regulatory agencies that are so out of control. he said during a speech on Wednesday at the National Press Club in Washington, D.C., according to The Daily Caller News Foundation. The whole thing was just crazy.
Binance is a Hong Kong-based cryptocurrency exchange that has been accused by New York State regulators of operating illegally in the state over its failure to register with the Department of Financial Services as a money transmitter.
The company has been locked in a battle with New York regulators, who have sought to seize its funds and shut it down. Binance has refused to comply with the order, calling it unconstitutional and illegal.
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