CZ Immediately Denied The CFTC’s Allegation

Key Points:

  • Binance CEO Changpeng Zhao (CZ) has denied the recent CFTC allegations against him and the exchange.
  • The CFTC accused CZ of violating regulations on trading organizations and regulations on derivatives trading.
  • In addition, the committee accused Binance of operating its own trading unit of 300 accounts.
As recently reported, Binance CEO Changpeng Zhao (CZ) and crypto exchange Binance have been accused by the CFTC of providing unregistered crypto derivatives and instructing US customers to hide and circumvent compliance controls through the use of a VPN. Immediately, the CEO denied the above event.
CZ Immediately Denied The CFTC's Allegation

Immediately after the newspapers were flooded with bad news related to him, CZ posted a tweet on Twitter with only one digit: “4.”

The 4 goals set by CZ in 2023 include: Education, Compliance, Product & Service and Ignore FUD, fake news, attacks, etc. This implies rumors, FUD, fake news related to the world’s leading exchange Binance. In addition, he also reiterated:

“In the future, would appreciate if you can link to this post when I tweet 4.”

According to reports, the CFTC has been investigating Binance since late 2021 for allowing US consumers to trade crypto futures without registering with the agency. The CFTC complaint contains many internal Binance that plainly disclose that the exchange letters have executed transactions for US-designated terrorist groups such as Hamas. Moreover, the committee charged Binance with running its own trading unit of 300 accounts, either directly or under the supervision of Changpeng Zhao.

In the complaint, the CFTC reiterates its view that Bitcoin, Ethereum, Litecoin, and the two stablecoins USDT and BUSD are “commodities,” in opposition to the Securities and Exchange Commission’s securities perspective.

After the news, the entire market crashed. BNB is the hardest hit, currently trading at $315.

CZ Immediately Denied The CFTC's Allegation
BNB price chart. Source: CoinMarketCap

Earlier, Binance was the subject of a US Department of Justice money laundering investigation, as well as an order from the Securities and Exchange Commission (SEC) to halt issuing stablecoin BUSD using Paxos.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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