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Binance CEO Changpeng Zhao (CZ) has addressed the allegations towards him by the U.S. Commodity Futures Buying and selling Fee (CFTC). “We don’t agree with the characterization of most of the points alleged within the grievance,” the chief harassed.
CZ Responds to CFTC’s Allegations
The CEO of cryptocurrency change Binance, Changpeng Zhao (CZ), printed a weblog publish on Monday to handle the civil enforcement motion towards him and his crypto change by the U.S. Commodity Futures Buying and selling Fee (CFTC). The U.S. regulator charged Zhao and three entities that function the Binance platform “with quite a few violations of the Commodity Trade Act (CEA) and CFTC laws.”
Noting that the CFTC’s civil grievance towards him and Binance was “sudden” and “disappointing,” Zhao defined:
Upon an preliminary evaluate, the grievance seems to comprise an incomplete recitation of info, and we don’t agree with the characterization of most of the points alleged within the grievance.
“We are going to solely be capable of give full responses in due time,” CZ famous and proceeded to handle some key factors. Firstly, he claimed that “Binance.com has developed best-in-class know-how to make sure compliance,” including: “We block U.S. customers by nationality (KYC), IP (together with generally used VPN endpoints outdoors of the US), cell provider, gadget fingerprints, financial institution deposit and withdrawals, blockchain deposits and withdrawals, bank card bin numbers, and extra.”
The chief emphasised that his crypto agency is “dedicated to transparency and cooperation with regulators and legislation enforcement (LE)” each within the U.S. and globally, elaborating:
Binance at present has greater than 750 individuals in our compliance groups, many with prior legislation enforcement and regulatory company backgrounds.
He added that thus far, Binance has dealt with greater than 55,000 legislation enforcement requests and assisted U.S. authorities in freezing and seizing greater than $125 million in funds in 2022, and $160 million in 2023 to this point. “We intend to proceed to respect and collaborate with U.S. and different regulators world wide,” CZ harassed, including that “Binance.com holds the best variety of licenses/registrations globally, 16 and counting.”
After revealing that he personally has two accounts at Binance, one for Binance Card and one for his crypto holdings, Zhao claimed that Binance.com doesn’t interact in buying and selling for revenue or market manipulation. “Binance.com has a 90-day no-day-trading rule for workers, which means you aren’t allowed to promote a coin inside 90 days of your most up-to-date purchase, or vice versa,” he moreover shared. “We additionally prohibit our staff from buying and selling in Futures. Additional, now we have strict insurance policies for anybody with entry to non-public data, equivalent to particulars of listings, Launchpad, and so forth. They aren’t allowed to purchase or promote these cash.”
The Binance boss concluded:
I observe these insurance policies myself strictly. I additionally by no means participated in Binance Launchpad, Earn, Margin, or Futures.
What do you consider Binance CEO Changpeng Zhao’s response to the CFTC’s allegations? Tell us within the feedback part beneath.
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