Breaking: Binance CEO CZ rejects allegations of market manipulation

Binance CEO Changpeng 'CZ' Zhao has rejected allegations from the Commodities Futures and Trading Commission complaint, arguing the institution "does not commercialized for nett oregon 'manipulate' the marketplace nether immoderate circumstances."

The main enforcement shared his archetypal authoritative response to the suit successful a March 28 blog post.

The CEO argued that portion Binance "trades" successful a fig of situations, this is chiefly to person them "from time-to-time" to screen expenses successful fiat oregon different cryptocurrencies, arsenic its revenues are successful crypto.

"Personally, I person 2 accounts astatine Binance: 1 for Binance Card, 1 for my crypto holdings. I devour our ain canine nutrient and store my crypto connected Binance.com. I besides request to person crypto from clip to clip to wage for my idiosyncratic expenses oregon for the Card."

Zhao besides noted that Binance has a 90 time no-day-trading regularisation for employees, adding: 

“This is to forestall immoderate employees from actively trading. We besides prohibit our employees from trading successful Futures.”

He went further to authorities that employees are restricted from buying oregon selling coins wherever they’ve obtained “private information” astir them.

"I observe these policies myself strictly. I besides ne'er participated successful Binance Launchpad, Earn, Margin, oregon Futures. I cognize the champion usage of my clip is to physique a coagulated level that services our users," helium add

Zhao called the caller CFTC filing some "unexpected and disappointing," arsenic it had been moving cooperatively with the regulator for implicit 2 years. He besides noted that the ailment "appears to incorporate an incomplete recitation of facts."

Regarding the compliance allegations, CZ says Binance.com has developed “best-in-class” exertion to guarantee compliance and presently has much than 750 radical moving to guarantee their concern operates wrong the bounds of anti-money laundering (AML) and cognize your lawsuit (KYC) laws:

“To date, we person handled 55,000+ LE requests, and assisted US LE freeze/seize much than $125 cardinal successful funds successful 2022 unsocial and $160 cardinal successful 2023 truthful far.”

CZ besides pointed retired that Binance.com holds 16 licenses to connection integer plus trading services, the astir of immoderate cryptocurrency trading platform.

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.