Changpeng Zhao refutes accusations by US regulator CFTC
Defi and Exchanges

Changpeng Zhao refutes accusations by US regulator CFTC

Binance CEO and founder Changpeng Zhao has issued a letter in response to the lawsuit launched yesterday by US regulator CFTC.

Indeed, following the surprise filing of a lawsuit in the United States by the CFTC regulator against Binance and its CEO, Changpeng Zhao has published a response in which he refutes the accusations of the Commodities Futures Trading Commission (CFTC).

CZ, quickly addressed its 8.3 million followers on Twitter, tweeting simply “4“.

In an earlier tweet, CZ had indicated that “4” meant “Ignore FUD, fake news, attacks, etc.” The executive later elaborated further on the situation through a blog post.

The CEO of Binance said he was initially surprised by the complaint when Binance has been working with US regulators for over two years, he said.

Changpeng Zhao also points to the fact that Binance is the first global (non-US) crypto exchange to have a mandatory identity verification (KYC) program in place, with one of the highest KYC and anti-money laundering (AML) standards.

As a reminder, the CFTC filed an unexpected and disappointing civil complaint, despite our working with the CFTC for over two years. The complaint alleges, among other things, that Binance has been soliciting U.S. users since 2019 – and up until today.

We block U.S. users by nationality (KYC), IP (including VPN endpoints commonly used outside the U.S.)…We are not aware of any other company using more comprehensive or efficient systems than Binance,” Zhao wrote in his letter.

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