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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 criticism,” the chief pressured.
CZ Responds to CFTC’s Allegations
The CEO of cryptocurrency alternate Binance, Changpeng Zhao (CZ), revealed a weblog publish on Monday to deal with the civil enforcement motion towards him and his crypto alternate 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 Change Act (CEA) and CFTC rules.”
Noting that the CFTC’s civil criticism towards him and Binance was “surprising” and “disappointing,” Zhao defined:
Upon an preliminary evaluate, the criticism seems to include an incomplete recitation of info, and we don’t agree with the characterization of most of the points alleged within the criticism.
“We are going to solely be capable of give full responses in due time,” CZ famous and proceeded to deal with some key factors. Firstly, he claimed that “Binance.com has developed best-in-class expertise 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 service, system 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 presently has greater than 750 individuals in our compliance groups, many with prior legislation enforcement and regulatory company backgrounds.
He added that to this point, 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 up to now. “We intend to proceed to respect and collaborate with U.S. and different regulators all over the world,” CZ pressured, including that “Binance.com holds the very 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 workers from buying and selling in Futures. Additional, we have now strict insurance policies for anybody with entry to non-public data, resembling 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 concentrate on Binance CEO Changpeng Zhao’s response to the CFTC’s allegations? Tell us within the feedback part beneath.
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