First Post-Litigation Statement From Cryptocurrency Exchange Binance: ‘Unexpected And Disappointing!’

One of the world’s largest cryptocurrency exchanges Binance, US Commodity Futures Trading Commission (CFTC) responded to the recent lawsuit brought against him by the “unexpected and disappointing” described as.

Cryptocurrency Exchange Binance Makes First Statement After Litigation

In a statement released shortly after news of the lawsuit broke out, Binance acknowledged that it is working with regulators around the world to improve compliance efforts, including in the US.

However, the exchange stated that it is committed to complying with all applicable regulations and has spent significant resources ensuring that US users do not access its platform.

According to Binance, the exchange has made significant investments in the past two years, including staffing its compliance programs, improving Know Your Customer (KYC) procedures, and partnering with third-party service providers to improve their anti-money laundering (AML) capabilities.

Binance also announced that it is spending another $80 million on external partners to support compliance programs, including blockchain analytics firm Chainalysis, which helps the exchange detect and prevent illegal activity on its platform.

Despite these efforts, the CFTC’s complaint alleges that Binance violated federal law by operating an unregistered derivatives exchange and providing trading services to US customers without complying with required regulations.

Binance stated that it will work with regulators to address any concerns they may have and is committed to providing a safe and compliant platform for its users around the world.

While the lawsuit against Binance caused a decline in the crypto market, Bitcoin (BTC) was trading at $ 27,000 at the time of this writing.

*Not investment advice.