2 years ago
Binance CEO Changpeng Zhao (CZ) has addressed the allegations against him by the U.S. Commodity Futures Trading Commission (CFTC). “We bash not hold with the characterization of galore of the issues alleged successful the complaint,” the enforcement stressed.
CZ Responds to CFTC’s Allegations
The CEO of cryptocurrency speech Binance, Changpeng Zhao (CZ), published a blog station connected Monday to code the civilian enforcement enactment against him and his crypto speech by the U.S. Commodity Futures Trading Commission (CFTC). The U.S. regulator charged Zhao and 3 entities that run the Binance level “with galore violations of the Commodity Exchange Act (CEA) and CFTC regulations.”
Noting that the CFTC’s civilian ailment against him and Binance was “unexpected” and “disappointing,” Zhao explained:
Upon an archetypal review, the ailment appears to incorporate an incomplete recitation of facts, and we bash not hold with the characterization of galore of the issues alleged successful the complaint.
“We volition lone beryllium capable to springiness afloat responses successful owed time,” CZ noted and proceeded to code immoderate cardinal points. Firstly, helium claimed that “Binance.com has developed best-in-class exertion to guarantee compliance,” adding: “We artifact U.S. users by nationality (KYC), IP (including commonly utilized VPN endpoints extracurricular of the US), mobile carrier, instrumentality fingerprints, slope deposit and withdrawals, blockchain deposits and withdrawals, recognition paper bin numbers, and more.”
The enforcement emphasized that his crypto steadfast is “committed to transparency and practice with regulators and instrumentality enforcement (LE)” some successful the U.S. and globally, elaborating:
Binance presently has much than 750 radical successful our compliance teams, galore with anterior instrumentality enforcement and regulatory bureau backgrounds.
He added that to date, Binance has handled much than 55,000 instrumentality enforcement requests and assisted U.S. authorities successful freezing and seizing much than $125 cardinal successful funds successful 2022, and $160 cardinal successful 2023 truthful far. “We mean to proceed to respect and collaborate with U.S. and different regulators astir the world,” CZ stressed, adding that “Binance.com holds the highest fig of licenses/registrations globally, 16 and counting.”
After revealing that helium personally has 2 accounts astatine Binance, 1 for Binance Card and 1 for his crypto holdings, Zhao claimed that Binance.com does not prosecute successful trading for nett oregon marketplace manipulation. “Binance.com has a 90-day no-day-trading regularisation for employees, meaning you are not allowed to merchantability a coin wrong 90 days of your astir caller buy, oregon vice versa,” helium additionally shared. “We besides prohibit our employees from trading successful Futures. Further, we person strict policies for anyone with entree to backstage information, specified arsenic details of listings, Launchpad, etc. They are not allowed to bargain oregon merchantability those coins.”
The Binance brag concluded:
I observe these policies myself strictly. I besides ne'er participated successful Binance Launchpad, Earn, Margin, oregon Futures.
What bash you deliberation astir Binance CEO Changpeng Zhao’s effect to the CFTC’s allegations? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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