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“‘The CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.’”
On Monday night, Binance CEO Changpeng Zhao published a response to the U.S. Commodity Futures Trading Commission’s complaint against the crypto exchange for regulatory violations.
“Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” the post stated. Zhao went on to say the complaint was based on ” an incomplete recitation of facts,” and that the firm does not agree with the issues brought up in the complaint.
On Monday, Binance became the latest crypto company to face regulatory hurdles when the CFTC sued the crypto exchange for allegedly violating U.S. commodity-trading laws. The crypto industry has faced increased scrutiny in recent months, especially after the collapse of crypto exchange FTX, which filed for bankruptcy in November 2022. Last week, crypto-trading platform Coinbase received a regulatory warning from the U.S. Securities and Exchange Commission, which the CEO said wasn’t unexpected after nine months of discussions with the SEC.
In Zhao’s blog post, he said Binance is “committed to transparency and cooperation with regulators and law enforcement,” that it “holds the highest number of licenses/registrations globally,” and that it does not “trade for profit or ‘manipulate’ the market under any circumstances.”
In his post, Zhao wrote: “Personally, I have two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time-to-time to pay for my personal expenses or for the Card.”
He added that the firm works with regulators and government agencies around the world and said the firm will release a full response “in due time.”
After the news about Binance on Monday, Bitcoin
BTCUSD,
took a hit, losing 3.34% Monday to fall to a 10-day low of $26,544, according to CoinDesk data. Bitcoin is trading at $27,003, down 2.48% in the past 24 hours, according to CoinDesk.
