Binance CEO Changpeng ‘CZ’ Zhao has rejected allegations from the Commodities Futures and Buying and selling Fee grievance, arguing the corporate “doesn’t commerce for revenue or ‘manipulate’ the market beneath any circumstances.”
The chief government shared his first official response to the lawsuit in a March 28 weblog publish.
The CEO argued that whereas Binance “trades” in quite a lot of conditions, that is primarily to transform them “from time-to-time” to cowl bills in fiat or different cryptocurrencies, as its revenues are in crypto.
“Personally, I’ve two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our personal pet food and retailer my crypto on Binance.com. I additionally must convert crypto now and again to pay for my private bills or for the Card.”
My Response to the CFTC Criticism | Binance Weblog https://t.co/TadyotM7HN
— CZ Binance (@cz_binance) March 27, 2023
Zhao additionally famous that Binance has a 90 day no-day-trading rule for workers, including:
“That is to stop any workers from actively buying and selling. We additionally prohibit our workers from buying and selling in Futures.”
He went additional to state that workers are restricted from shopping for or promoting cash the place they’ve obtained “personal data” about them.
“I observe these insurance policies myself strictly. I additionally by no means participated in Binance Launchpad, Earn, Margin, or Futures. I do know one of the best use of my time is to construct a strong platform that providers our customers,” he add
Zhao known as the latest CFTC submitting each “sudden and disappointing,” because it had been working cooperatively with the regulator for over two years. He additionally famous that the grievance “seems to comprise an incomplete recitation of info.”
Concerning the compliance allegations, CZ says Binance.com has developed “best-in-class” expertise to make sure compliance and at present has greater than 750 folks working to make sure their enterprise operates throughout the bounds of anti-money laundering (AML) and know your shopper (KYC) legal guidelines:
“So far, we’ve got dealt with 55,000+ LE requests, and assisted US LE freeze/seize greater than $125 million in funds in 2022 alone and $160 million in 2023 up to now.”
Associated: CFTC calls ETH a commodity in Binance go well with, highlighting the complexity of classification
CZ additionally identified that Binance.com holds 16 licenses to supply digital asset buying and selling providers, essentially the most of any cryptocurrency buying and selling platform.
It is a creating story, and additional data will probably be added because it turns into obtainable.
