This article comes fromBinanceBinance

Odaily Translator |

, original author: CZ

On the evening of March 27, Bloomberg disclosed that the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against the cryptocurrency trading platform Binance, its CEO CZ, and its first chief operating officer Samuel Lim in Chicago federal court. On March 28, CZ posted a response on Binance’s official website, the full text of which is as follows:

Today, the CFTC filed an unexpected and disappointing civil lawsuit despite Binance’s partnership with the CFTC for over two years. After an initial review, the complaint appears to contain an incomplete statement of facts. Binance disagrees with the characterization of many of the alleged issues in the lawsuit. While Binance can only give a full response in due course, this article addresses a few key points .

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Binance.com developed best-in-class technology to ensure compliance, was the first global (non-US) exchange to implement a mandatory KYC program, and remains one of the exchanges with the highest KYC and AML standards today. Binance blocks US users by nationality (KYC), IP (including commonly used VPN endpoints outside the US), mobile carrier, device fingerprinting, bank deposits and withdrawals, blockchain deposits and withdrawals, credit card numbers, and more.

To our knowledge, no other company uses a more comprehensive or efficient system than Binance to fulfill compliance requirements.

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Binance is committed to transparency and cooperation with regulators and law enforcement in the US and globally. The Binance compliance team currently has over 750 people, many of whom have law enforcement and regulatory backgrounds. To date, Binance has handled over 55,000 law enforcement requests, assisting US law enforcement in freezing/seizure over $125 million in funds in 2022 alone, and $160 million so far in 2023.

Binance will continue to respect and cooperate with regulators in the US and around the world.

Binance.com has the largest number of licenses/registrations in the world, currently at 16, and the number continues to increase.

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Under no circumstances will Binance.com trade for profit or "manipulate" the market, there are several scenarios for Binance "trading": Binance's revenue comes from cryptocurrencies, Binance does need to convert crypto from time to time To pay for fiat or other cryptocurrencies, Binance has affiliates that provide liquidity for less liquid cryptocurrency pairs, but these affiliates are specially monitored and cannot make big money with these cryptocurrencies.

Personally, I have two accounts with Binance: one for my Binance Card and one for my crypto assets. I use our own product and store my cryptocurrencies on Binance.com, and I also need to convert cryptocurrencies from time to time to pay for my personal expenses or card purchases.

As far as employees are concerned, Binance.com has a 90-day no-day trading rule, which means Binance employees are not allowed to sell tokens within 90 days of their most recent purchase and vice versa, this is to prevent any employees from actively trading. Binance also prohibits our employees from trading futures. Also, Binance has strict policies on anyone who has access to private information such as listing details, Launchpad, etc., and they are not allowed to buy or sell these tokens.