{"id":19247,"date":"2023-03-29T03:40:13","date_gmt":"2023-03-29T03:40:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-ceo-cz-responds-to-us-regulators-charges-regulation-bitcoin-news\/"},"modified":"2023-03-29T03:40:13","modified_gmt":"2023-03-29T03:40:13","slug":"binance-ceo-cz-responds-to-us-regulators-charges-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-ceo-cz-responds-to-us-regulators-charges-regulation-bitcoin-news\/","title":{"rendered":"Binance CEO CZ Responds to US Regulator’s Charges \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Binance CEO Changpeng Zhao (CZ) has addressed the allegations against him by the U.S. Commodity Futures Trading Commission (CFTC). \u201cWe do not agree with the characterization of many of the issues alleged in the complaint,\u201d the executive stressed.<\/strong><\/p>\n

CZ Responds to CFTC\u2019s Allegations<\/h2>\n

The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), published a blog post on Monday to address the civil enforcement action against him and his crypto exchange by the U.S. Commodity Futures Trading Commission (CFTC). The U.S. regulator charged<\/a> Zhao and three entities that operate the Binance platform \u201cwith numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.\u201d<\/p>\n

Noting that the CFTC\u2019s civil complaint against him and Binance was \u201cunexpected\u201d and \u201cdisappointing,\u201d Zhao explained:<\/p>\n

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Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.<\/p>\n<\/blockquote>\n

\u201cWe will only be able to give full responses in due time,\u201d CZ noted and proceeded to address some key points. Firstly, he claimed that \u201cBinance.com has developed best-in-class technology to ensure compliance,\u201d adding: \u201cWe block U.S. users by nationality (KYC), IP (including commonly used VPN endpoints outside of the US), mobile carrier, device fingerprints, bank deposit and withdrawals, blockchain deposits and withdrawals, credit card bin numbers, and more.\u201d<\/p>\n

The executive emphasized that his crypto firm is \u201ccommitted to transparency and cooperation with regulators and law enforcement (LE)\u201d both in the U.S. and globally, elaborating:<\/p>\n

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Binance currently has more than 750 people in our compliance teams, many with prior law enforcement and regulatory agency backgrounds.<\/p>\n<\/blockquote>\n

He added that to date, Binance has handled more than 55,000 law enforcement requests and assisted U.S. authorities in freezing and seizing more than $125 million in funds in 2022, and $160 million in 2023 so far. \u201cWe intend to continue to respect and collaborate with U.S. and other regulators around the world,\u201d CZ stressed, adding that \u201cBinance.com holds the highest number of licenses\/registrations globally, 16 and counting.\u201d<\/p>\n

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 does not engage in trading for profit or market manipulation. \u201cBinance.com has a 90-day no-day-trading rule for employees, meaning you are not allowed to sell a coin within 90 days of your most recent buy, or vice versa,\u201d he additionally shared. \u201cWe also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.\u201d<\/p>\n

The Binance boss concluded:<\/p>\n

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I observe these policies myself strictly. I also never participated in Binance Launchpad, Earn, Margin, or Futures.<\/p>\n<\/blockquote>\n

What do you think about Binance CEO Changpeng Zhao\u2019s response to the CFTC\u2019s allegations? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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