Just-In: Binance CEO CZ Replies To US Senators Inquiry, Shares Response
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.
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
