Changpeng Zhao: CFTC Lawsuit is Unexpected and Disappointing Summit
Main page Opinion, Cryptocurrency Exchanges, Binance

Changpeng Zhao, CEO of cryptocurrency exchange Binance, has said that the lawsuit the CFTC has recently filed against Binance contains an "incomplete recitation of facts" and Binance disagrees with the characterization on many points.

According to him, the company has been cooperating with the regulator for more than two years, so the complaint filed is "unexpected and disappointing."

Zhao has described Binance's compliance mechanism as "best in class." He has highlighted the presence of a mandatory KYC program, the blocking of US users, the interaction with authorities and the desire for transparency.

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Zhao has added:

"Binance currently has more than 750 people in our Compliance teams, many with prior law enforcement and regulatory agency backgrounds. To date, we have handled 55,000+ LE requests, and assisted US LE freeze/seize more than $125 million in funds in 2022 alone and $160 million in 2023 so far."

Zhao has also mentioned the existence of licenses and registrations in different countries. According to him, the company does not trade for profit and does not manipulate the market.

According to Zhao:

"Binance ‘trades’ 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."

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