Binance Sees Big Fund Outflow! Important Response from CZ! – Cryptokoin.com

As the cryptocurrency industry continues to grow and evolve, the regulatory landscape is rapidly changing. The latest news of the CFTC lawsuit filed against Binance and its CEO, CZ, has caused shockwaves in the industry, with many wondering what the ramifications will be for the industry as a whole. Meanwhile, the amount of funds on Binance is dwindling. In addition, Binance CEO Changpeng Zhao recently made a statement about the use of Binance by exchange employees. Here are the details…

Changpeng Zhao hides his own money on Binance

Binance CEO Changpeng Zhao said that he is keeping his own money in Binance, as seen in a statement posted on the exchange website on March 27. Asked if he and other employees use Binance, Zhao said, “Personally, I have two accounts on Binance: one for Binance Card and one for my crypto assets. I store my own cryptocurrency on Binance.com. I also need to convert cryptocurrencies from time to time to pay for my personal expenses or card,” he said.

While Zhao admitted that Binance uses its own products, he denied that employees have unlimited access to Binance. Instead, Zhao said that he and other employees are restricted from trading under the “90-day rule,” meaning they cannot buy or sell any cryptocurrency within 90 days of their previous purchase or sale. Zhao claimed that he “strictly adheres to these policies.”

Exchange employees’ product use is limited

Zhao also said that he never personally used some of Binance’s features, such as Launchpad, the company’s token selling platform, adding that he never used Binance’s earnings (i.e. interest-earning), margin or futures products. The above statements were made in response to only one of the CFTC’s specific claims. cryptocoin.com As we reported earlier, the allegation was that Zhao himself was involved in Binance trading through two personal accounts.

7 Claims That Are 'Bombshell' For Binance!

However, the CFTC also claimed in its March 27 filing that Zhao directly or indirectly controls 300 accounts that are traded on Binance for ownership purposes. It was also stated that Zhao is the direct or indirect owner of Merit Peak and Sigma Chain companies that trade OTC with Binance customers or use Binance’s trading services. The filing says that Zhao and these firms never registered with the CFTC.

In his latest statement, Zhao admitted that Binance “in some cases” trades to convert crypto income into fiat money and other cryptocurrencies and in turn cover expenses. The firm also said it has subsidiaries that provide liquidity and are monitored for limited profits. It didn’t specifically name it Merit Peak or Sigma Chain. Binance said earlier today that it is compliant with regulators and that the CFTC’s accusations were “unexpected and disappointing.”

The Legend with Predictions: Binance is Done!  Next This!

Fund outflows seen with CFTC’s Binance lawsuit

An important development that has come to light since the news was published was the 500 million decrease in BUSD foreign exchange reserves. This is a significant drop and it is clear that the news about the case has had an impact on the market. BUSD foreign exchange reserves fell by 500 million after the CFTC lawsuit, according to data from CryptoQuant. Many experts in the industry are already speculating on what this might mean for the broader cryptocurrency market. Some say this could be the start of a larger trend, with other stablecoins being the regulator that Binance is currently facing.

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