Binance CEO CZ Replies To US Senators Inquiry

Binance News: Changpeng Zhao (CZ), Binance CEO on Tuesday shared the crypto exchange’s response letter sent to US Senators Warren, Van Hollen and Marshall-led inquiry. This comes at a time when the Commodity Futures Trading Commission (CFTC) alleged the world’s largest crypto exchange of violating trading rules.

Binance Seeks Regulatory Clearance

As per the letter, Binance filed the response on March 16th, 2023, and called it an effort to be more transparent in dealing with regulators and challenges faced by crypto firms.

It stated that the Senators’ letter cited several incorrect or incomplete articles targeting the exchange. The response focuses on regulation, compliance, and transparency. The exchange assured of maintaining the best form of user protection is regulation.

However, it highlighted that smart regulation will protect both consumers and markets. Keeping these two aspects in sight, Innovation and crypto’s core fundamentals can be preserved. Binance seems to be supporting the effort taken by the authority to strengthen regulations. Read More Binance News Here…

Also Read: US Crypto Firms To Migrate Fast After Binance Case, Claims Ripple Policy Head

The reply stated that the exchange has prioritized local regulatory compliance as it gained regulatory approvals in many countries around the world. To maintain the commitment, Binance launched a U.S. entity, Binance.US, in 2019, which later went on to become one of the largest asset trading platforms.

It added that the exchange holds a hundred compliances and security experts who are working closely with the authority.

Also Read: Why the CFTC Case Is Much More Than Just A Passing FUD for the world’s largest crypto exchange?

Binance and its CEO are facing allegations of breaking derivatives rules in the United States. CFTC stated that the crypto exchange should have registered with the authority years ago. However, CZ called the lawsuit disappointing and unexpected as they are working with the watchdogs for two long years.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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