Binance CEO Changpeng “CZ” Zhao has refuted allegations made by the Commodities Futures and Trading Commission (CFTC) in a complaint against Binance filed on March 27. The CFTC claimed that Binance had engaged in improper compliance procedures and trading, alleging that the crypto exchange traded on its own platform using 300 “house accounts” and failed to disclose to customers that it was trading in its own market.
CZ responded in a blog post, stating that Binance “does not trade for profit or ‘manipulate’ the market under any circumstances” and that the CFTC’s allegations were “an incomplete recitation of facts.” CZ also denied claims of insider trading and being lax in compliance efforts. He emphasized that Binance had developed “best-in-class” technology to ensure compliance and currently has more than 750 employees working to ensure the business operates within the bounds of Anti-Money Laundering and Know Your Customer laws. Binance.com holds 16 licenses to offer digital asset trading services, the most of any cryptocurrency trading platform, according to CZ.