US regulators examine banking system security risks following Binance's $6.3 billion hack

The U.S. Federal Reserve and Office of the Comptroller of the Currency have begun contacting banks to check for unusual activity or service disruptions following a $6.3 billion hack at Binance, Reuters reported. Several U.S. banks are reviewing their cybersecurity systems, and at least one major bank is drafting an internal report on whether security upgrades are needed. Binance said it is in close contact with global regulators and has briefed them on the incident. No evidence so far indicates the U.S. banking system was affected by the attack. Investors will watch whether regulators widen their inquiries or uncover any spillover into bank operations.