Binance CEO Responds to CFTC Lawsuit

On March 28th, CZ, the CEO of Binance, released a response to the CFTC lawsuit on its official website, stating that Binance had cooperated with CFTC for more than two years and expressed disappointment at its civil lawsuit. After preliminary examination, the prosecution appears to contain incomplete factual statements. We do not agree with the description of many issues, including compliance technology and the prohibition of access by U.S. users, cooperation and transparency with law enforcement agencies, cooperation and transparency with law enforcement agencies, and transactions. It is disclosed that Binance currently has a compliance team of over 750 people, many of whom have a background in law enforcement and regulatory agencies. To date, Binance has processed more than 55000 law enforcement requests and assisted in freezing/seizing more than $125 million in funds. In 2022 and 2023 alone, it has frozen/seized $160 million.

CZ: Cooperated with CFTC for more than two years and disagreed with the description of many issues in its civil litigation

Introduction

On March 28th, CZ, the CEO of Binance, released a response to the CFTC lawsuit on its official website, stating that Binance had cooperated with CFTC for more than two years and expressed disappointment at its civil lawsuit.

Binance’s Cooperation with CFTC

According to CZ, Binance has been cooperating with CFTC for over two years, and has agreed to provide them with all the necessary information and documents regarding their operations in the US. The company has stated that it is fully committed to complying with all applicable regulations, and has made significant investments in its compliance technology to ensure that it operates in accordance with the highest standards.

Incomplete Factual Statements

After preliminary examination, the prosecution appears to contain incomplete factual statements. In his response, CZ stated that Binance disagreed with the description of many issues, including compliance technology and the prohibition of access by U.S. users, cooperation and transparency with law enforcement agencies, cooperation and transparency with law enforcement agencies, and transactions.

Binance’s Compliance Team

It was disclosed that Binance currently has a compliance team of over 750 people, many of whom have a background in law enforcement and regulatory agencies. Their responsibility is to ensure that the company operates in accordance with all applicable laws and regulations, and that it maintains the highest standards of transparency and accountability.

Binance’s Contributions to Law Enforcement Agencies

To date, Binance has processed more than 55000 law enforcement requests and assisted in freezing/seizing more than $125 million in funds. In 2022 and 2023 alone, it has frozen/seized $160 million. These figures demonstrate the company’s commitment to combating illegal activity on its platform and supporting global law enforcement efforts.

Conclusion

In conclusion, Binance CEO, CZ, has responded to the CFTC lawsuit, highlighting the company’s commitment to complying with all applicable regulations and its contributions to law enforcement agencies. The company maintains that it disagrees with many of the allegations made against it, and is confident that it will be able to demonstrate its compliance with all applicable laws and regulations.

FAQs

1. What is Binance’s compliance team responsible for?
Binance’s compliance team is responsible for ensuring that the company operates in accordance with all applicable laws and regulations, and that it maintains the highest standards of transparency and accountability.
2. How has Binance contributed to law enforcement efforts?
Binance has processed more than 55000 law enforcement requests and assisted in freezing/seizing more than $125 million in funds. In 2022 and 2023 alone, it has frozen/seized $160 million.
3. What is CZ’s response to the CFTC lawsuit?
CZ has stated that Binance had cooperated with CFTC for more than two years and expressed disappointment at its civil lawsuit. The company disagreed with many of the allegations made against it, and is confident that it will be able to demonstrate its compliance with all applicable laws and regulations.