During the day, the lawsuit filed by the CFTC against Binance fell on the crypto currency agenda. After the news of the lawsuit, Bitcoin dropped to $ 26,500 and the entire cryptocurrency market turned red.
Although the declines are not as deep as it is thought, investors are confused about what will happen in the coming days.
While all these events were happening, Binance CEO CZ responded to the CFTC lawsuit. Here are CZ’s statements:
“Today, despite working collaboratively with the CFTC for over two years, the CFTC has filed an unexpected and disappointing civil complaint.
Upon initial examination, the complaint appears to be an incomplete factual statement and we do not agree with the characterization of many of the issues alleged in the complaint. While we’ll provide full answers going forward, we’ll cover a few key points below.
- Law Enforcement Collaboration and Transparency: Binance is committed to transparency and collaboration with regulators and law enforcement, both in the US and around the world. Binance currently has more than 750 people in our compliance teams, most with law enforcement and regulatory backgrounds. To date, we have handled more than 55,000 law enforcement requests and have helped freeze/seize more than $125 million in funds in 2022 alone and more than $160 million in 2023 so far.
We aim to continue to respect and cooperate with other regulatory bodies in the US and around the world.
- Registrations and Licenses: Binance.com has the largest number of licenses/registrations worldwide at 16 and is highly respected by our user community;
- Trading: Under no circumstances does Binance.com trade for profit or “manipulate” the market. Binance “trades” in a few cases. Our revenues are in crypto. We need to convert them from time to time to cover expenses in fiat or other cryptocurrencies. We have affiliates that provide liquidity for less liquid pairs.
Personally, I have two accounts on Binance: one for Binance Card and one for my crypto assets. I also need to convert crypto from time to time to pay for my personal expenses or Card.
Binance.com has a 90-day no-trading rule for employees, i.e. you are not allowed to sell cryptocurrencies within 90 days of your last purchase and vice versa. This is to prevent any employee from actively trading. We also prohibit our employees from trading in Futures. Also, list details, Launchpad etc. We have strict policies for anyone who has access to private information, such as They are not allowed to buy or sell these coins.
I also strictly enforce these policies. I’ve also never joined Binance Launchpad, Earn, Margin, or Futures. I know that making the most of my time is to build a solid platform that serves our users.
At Binance, we seek friendly solutions to all problems. We collaborate with regulators and government agencies around the world. While we are not perfect, we often hold ourselves to a higher standard than current regulations require. And above all, we believe we are always doing the right thing by our users. We do not expect everything to be easy on this journey to the freedom of money. We do not shy away from difficulties.”
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