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Crime and Investigations

Binance CEO Denies CFTC Market Manipulation Claims

Binance CEO Denies CFTC Market Manipulation Claims

In response to allegations made by the Commodities Futures and Trading Commission (CFTC), Binance CEO Changpeng 'CZ' Zhao denied the company's involvement in market manipulation or trading for profit.

As per his blog post on March 28, Zhao clarified that Binance mainly conducts trades to fund expenses in fiat or other cryptocurrencies since the company generates its revenues in crypto.

He also noted that the company has strict policies to prevent employees from actively trading and prohibits them from trading in futures.

Binance has implemented advanced technology to comply with AML and KYC regulations and boasts 16 digital asset trading services licenses, the highest among all cryptocurrency trading platforms.

Additionally, Zhao revealed that Binance.com has played a vital role in assisting US law enforcement in freezing and seizing over $125 million in funds in 2022 and $160 million in 2023 thus far.

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Zhao asserted that he adheres to the company’s policies and has never been involved in Binance Launchpad, Earn, Margin, or Futures, preferring to focus on creating a robust platform that caters to its users.

Despite the accusations, he expressed disappointment and surprise at the CFTC’s filing, citing Binance’s collaborative relationship with the regulator for over two years.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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