An official statement came from Binance CEO CZ against the lawsuit filed by the US Futures and Exchange Commission against Binance, the world’s largest cryptocurrency exchange.
In the statement made on Binance’s official blog page, CEO CZ made statements under 4 different titles.
Compatibility
Based on the technology that Binance has developed that is best in class in terms of compliance, CZ stated that it is the first global exchange to implement this procedure with its mandatory know-your-customer (KYC) program. Stating that they have the highest standards in know your customer and money laundering and that they continue these processes, CZ stated that they have blocked especially the VPN issue, which is at the forefront of the case.
Finally, there is no other company that uses a more comprehensive and effective system than Binance. said.
Collaboration and transparency
Stating that Binance is committed to cooperating with regulators and authorities both in the US and around the world, CZ stated that it currently has more than 750 staff actively working on this issue. He also said that they have processed more than 55,000 requests from the authorities to date, helping to freeze more than $125 million in 2022 and 160 million in 2023 funds.
“We will continue to respect and cooperate with regulatory bodies in the US and around the world.”
Licenses and permits
In the shared blog post, it was stated that Binance is the platform with the most licenses worldwide in 16 different countries and is highly respected by the community in this regard.
trade/ transaction
The CEO said that while Binance never trades for profit or manipulates the market, they do trade in certain situations. It was emphasized that the said buying and selling transactions are due to the existence of the entire asset of the stock market in crypto and that it is necessary to convert between crypto and fiat currencies from time to time to cover the expenses. He stated that within the scope of this process, they provide liquidity for the trading pairs with low liquidity, and they do this through their subsidiaries. However, he stated that they are watching these participations closely.
As for Binance employees, he stated that they are within the scope of the 90-day rule. The CEO stated that employees are allowed to transact at least 90 days after any crypto transaction. Stating that it is a precaution they take to prevent their current employees from actively trading crypto, CZ also stated that their employees are prohibited from making futures transactions. He underlined that there is a direct trade ban for employees who are informed about the announcement of any project.
Emphasizing that he also strictly enforces the policies applicable to employees, CZ said that he never used the Launchpad, earn, margin and futures features of Binance, and that he spent most of his time on a platform that better served users.
Concluding his statements by stating that as Binance, they approach all processes in a friendly and solution-oriented manner, CZ stated that they try to do their best, even if they are not perfect.
“We do not expect things to be easy on this journey to the freedom of money. Difficulties do not make us step back.”