{"id":19213,"date":"2023-03-28T09:20:17","date_gmt":"2023-03-28T09:20:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binances-cz-refutes-cftcs-claims-of-improper-compliance-procedures-and-trading\/"},"modified":"2023-03-28T09:20:17","modified_gmt":"2023-03-28T09:20:17","slug":"binances-cz-refutes-cftcs-claims-of-improper-compliance-procedures-and-trading","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binances-cz-refutes-cftcs-claims-of-improper-compliance-procedures-and-trading\/","title":{"rendered":"Binance&#8217;s CZ refutes CFTC&#8217;s claims of improper compliance procedures and trading"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679989087559-2fd05cc2-df8f-4765-8946-57bdf8dc876b-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679989087559-2fd05cc2-df8f-4765-8946-57bdf8dc876b-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679989087559-2fd05cc2-df8f-4765-8946-57bdf8dc876b-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679989087559-2fd05cc2-df8f-4765-8946-57bdf8dc876b-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Commodity Futures Trading Commission (CFTC) made a surprise lawsuit against Binance.<\/li>\n<li>The lawsuit has labelled Bitcoin, Ether, Binance USD, Tether and Litecoin as commodities.<\/li>\n<li>CFTC also made allegations of market manipulation and a lack of compliance efforts.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\">Binance\u00a0<\/a>CEO Changpeng \u2018CZ\u2019 Zhao has rejected the allegations made by Commodity Futures Trading Commission (CFTC) against Binance and himself in the March 27 lawsuit.<\/p>\n<p>On March 27, the US CFTC issued a 74-page complaint labelling<a href=\"https:\/\/coinjournal.net\/bitcoin\/what-is-bitcoin\/\">\u00a0Bitcoin (BTC)<\/a>, <a href=\"https:\/\/coinjournal.net\/ethereum\/what-is-ethereum\/\">Ethereum (ETH)<\/a>, Binance USD (BUSD), <a href=\"https:\/\/coinjournal.net\/litecoin\/what-is-litecoin\/\">Litecoin (LTC)<\/a>, and Tether (USDT) as commodities and also accused Binance and Changpeng Zhao of market manipulation and lack of compliance.<\/p>\n<p>CFTC has also accused Binance of not cooperating with the investigative subpoenas while also obscuring the location of its executive offices.<\/p>\n<h2>CZ calls CFTC\u2019s claims incomplete recitation of facts<\/h2>\n<p>Binance\u2019s CEO published a <a href=\"https:\/\/www.binance.com\/en\/blog\/from-cz\/czs-response-to-the-cftc-complaint-2408916493005890282\">blog post<\/a> arguing that the cryptocurrency exchange:<\/p>\n<p><em>\u201cBinance.com does not trade for profit or \u201cmanipulate\u201d the market under any circumstances. Binance \u201ctrades\u201d in a number of situations. Our revenues are in crypto. We do need to convert them from time-to-time to cover expenses in fiat or other crypto currencies. We have affiliates that provide liquidity for less liquid pairs. These affiliates are monitored specifically not to have large profits.\u201d<\/em><\/p>\n<p>In the lawsuit, the CFTC has accused Binance of trading on its own platform using 300 \u201chouse accounts\u201d without properly disclosing the information to its customers in its Terms of Use. The CFTC says that the exchange has instead kept the information as a \u201ctop secret\u201d and even refused to respond to the commission-issued investigative subpoenas looking for information about the said trading activity.<\/p>\n<p>CZ also went ahead to disclose that he has two accounts with Binance: one for the card and one for crypto holding. He says in the blog post:<\/p>\n<p><em>\u201cPersonally, I have two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time-to-time to pay for my personal expenses or for the Card.\u201d<\/em><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/binances-cz-refutes-cftcs-claims-of-improper-compliance-procedures-and-trading\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Commodity Futures Trading Commission (CFTC) made a surprise lawsuit against Binance. The lawsuit has labelled Bitcoin, Ether, Binance USD, Tether and Litecoin as commodities. CFTC also made allegations of market manipulation and a lack of compliance efforts. Binance\u00a0CEO Changpeng \u2018CZ\u2019 Zhao has rejected [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":19214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19213"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=19213"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/19214"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=19213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=19213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=19213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}