Binance CEO Changpeng Zhao (CZ) has responded to the recent civil complaint filed by the US Commodity Futures Trading Commission (CFTC) against Binance and himself.
The CFTC alleges that Binance violated US regulations and concealed its activities from US regulators. In his official response, CZ expressed disappointment with the CFTC’s actions and claimed that Binance has been working cooperatively with the commission for over two years.
CZ contested many of the allegations made by the CFTC, stating that the complaint appears to contain an incomplete recitation of facts. He argued that Binance has developed best-in-class technology to ensure compliance and is committed to transparency and cooperation with regulators and law enforcement, both in the US and globally.
CZ highlighted that Binance has more than 750 people in its Compliance teams, many with prior law enforcement and regulatory agency backgrounds, and has handled 55,000+ law enforcement requests.
My Response to the CFTC Complaint | Binance Blog https://t.co/TadyotM7HN
— CZ 🔶 Binance (@cz_binance) March 27, 2023
CZ also addressed the issue of registrations and licenses, stating that Binance.com holds the highest number of licenses/registrations globally, 16 and counting, and is well regarded by its user community. Regarding trading, CZ claimed that Binance does not trade for profit or manipulate the market and has strict policies for its employees.
Despite the allegations made by the CFTC, CZ expressed confidence in Binance’s ability to find amicable solutions to all problems and to collaborate with regulators and government agencies around the world. He acknowledged that Binance is not perfect but holds itself to a high standard, often higher than existing regulations require. Finally, CZ thanked Binance’s users for their unwavering support in the journey towards freedom of money.
Read more:
- Breaking: CFTC Files Complaint Against Binance And Founder Over Alleged Violation Of US Regulations
- CFTC Declares Bitcoin, Ethereum, And Litecoin As Commodities In Binance Indictment, Contradicting SEC’s View On Security Classification
- Binance Saw An Increase In Withdrawals Following The CFTC’s Lawsuit Against The Exchange