CZ responded to Binance’s investigation by the US CFTC

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2021-03-23 22:29:25

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The Binance CEO has spoken out strongly defending the company’s KYC / AML rules, dismissing reports of the investigation.

On March 12, Bloomberg reported that a cryptocurrency exchange Binance is under investigation by Commodity Futures Trading Commission (CFTC) for allowing US investors to conduct illegal transactions.

Immediately after the information was spread on social networking sites, the Binance CEO Changpeng Zhao (also known as CZ) has rejected the above report.

Specifically, in a live AMA on Clubhouse, CZ stated:

“The news of Binance being investigated just came out, literally a few minutes or an hour ago …”

“Binance has gotten used to being put into difficult situations like this before. There have been many reports of Binance misconduct … but they have no basis “

As a business, Binance maintains a policy of not commenting on contact with regulators, which has left the company in a difficult position regarding the disapproval of misleading content. of relevant news about yourself ”

He added that “An investigation doesn’t mean they’re trying to charge us, or trying to do something with us …” and reporting can be as simple as ordinary communication.

“The news often exaggerates … doing serious things, but nothing really”

In addition, CZ also stated bluntly “Competitors have always been trying to do something bad with us… they bribed or pressured journalists to publish false stories, false accusations… about us. “.

Finally CZ confirmed “Binance has always maintained a very close partnership with all agencies around the world, not just the US. We are one of the few exchanges that have these KYC / AML regulations very rigorously and carefully, we use very intelligent technology to support this process ”

“Right now there is a gap between crypto companies and regulators. I hope that both sides will widen their hands and close this gap.

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