- Binance CEO denies CFTC claims
- CZ dismisses insider trading allegations
- Binance emphasizes compliance efforts
Analysts react to CFTC claims about Binance, as CEO Changpeng “CZ” Zhao fervently denies accusations of improper compliance procedures and trading practices. In a recent blog post, CZ refutes allegations that Binance used 300 “house accounts” to trade on its platform without disclosing this information in its Terms of Use. CZ argues that while Binance does engage in trading, the primary objective is to convert crypto revenue into fiat currency to cover expenses.
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Furthermore, CZ dismisses claims of “insider trading,” stating that the company enforces a 90-day no-day-trading rule for employees and restricts trading when they have obtained “private information.”
CZ expressed disappointment over the CFTC filing, given Binance’s cooperative efforts with the regulator for over two years. CZ denies any lack of compliance, emphasizing the “best-in-class” technology on Binance.com and a team of 750 dedicated to ensuring adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Additionally, CZ highlights Binance.com’s 16 licenses for offering digital asset trading services, the highest number held by any cryptocurrency trading platform, as further evidence of its commitment to compliance.
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