Changpeng Zhao: CFTC’s Binance allegations ‘an incomplete recitation of facts’
Changpeng Zhao, the man behind the world’s largest crypto exchange Binance, has responded to the civil lawsuit brought by the U.S. Commodities and Futures Trading Commission (CFTC). The civil complaint has been described as “unexpected and disappointing”, despite over two years of collaboration with the federal regulator.
In a blog post by Binance earlier today, Changpeng Zhao claimed that the CFTC’s complaint contained an incomplete recitation of facts. The CEO did not agree with the characterization of several issues alleged in the regulator’s complaint. Of the several issues alleged, CZ responded to four key issues, with more to come in due course.
The blog post stated out by reiterating:
“Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.”
Speaking on Binance’s compliance with U.S. laws and policies, Zhao stated that his exchange had in place the best-in-class technology to ensure compliance. This included the highest standards in know-your-customer (KYC) and anti-money laundering (AML). He added that users from the United States are blocked through various identifying factors. Some of these measures were IP address, device fingerprints, credit card bin numbers, and more.
According to Zhao, Binance has handled over 55,000 law enforcement requests to date, assisting in the seizure/freezing of $160 million since the beginning of 2023. He highlighted the exchange’s commitment to transparency and cooperation with regulators and law enforcement agencies. The CEO also boasted the 16 licenses/registrations that his firm held globally.
Changpeng Zhao clarified that he personally held two
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