Binance CEO Changpeng ‘CZ’ Zhao has rejected allegations from the Commodities Futures and Trading Commission, arguing that the crypto exchange “does not trade for profit or ‘manipulate’ the market under any circumstances.”
In a March 28 blog post, the chief executive responded to the CFTC’s lawsuit accusing Binance and CZ of engaging in improper compliance procedures and trading, calling the allegations “an incomplete recitation of facts.”
My Response to the CFTC Complaint | Binance Blog https://t.co/TadyotM7HN
— CZ Binance (@cz_binance) March 27, 2023
In its complaint, the CFTC alleged that Binance has traded on its own platform using 300 “house accounts” and did not make the proper disclosures to its customers that it was trading in its own market in its Terms of Use.
The CFTC has also accused Binance of keeping the information a “top secret” and alleged that the exchange refused to respond to commission-issued investigative subpoenas seeking information on its trading activity.
“On information and belief, Binance has not subjected the trading activity of Merit Peak, Sigma Chain, or its approximately 300 house accounts to any anti-fraud or anti-manipulation surveillance or controls,” the statement added.
However, CZ argued that while Binance “trades” in a number of situations, this is mainly to convert its crypto revenue to cover expenses in fiat or o
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Author: Brayden Lindrea
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