PANews reported on March 28 that Binance CEO Changpeng Zhao responded to the CFTC’s civil lawsuit on the official website. Binance has developed best-in-class technology to ensure compliance, he said. Binance blocks U.S. customers by means of nationalities, IP addresses, mobile carriers, device fingerprints, bank deposits and withdrawals, blockchain deposits and withdrawals, and credit card bank identification codes. Binance is committed to cooperating with U.S. and global regulators and law enforcement agencies. Binance currently has a compliance team of over 750 people, many with backgrounds in law enforcement and regulators. To date, Binance has handled more than 55,000 law enforcement requests and assisted US law enforcement agencies in freezing/seizing $160 million in funds in 2023. Binance currently has 16 licenses/registrations worldwide, the largest number among exchanges, and it is still increasing. Binance will not "manipulate" the market under any circumstances. Binance earns in cryptocurrencies, which need to be converted from time to time into fiat or other cryptocurrencies to cover fees. Binance has subsidiaries that provide Liquidity for illiquid Liquidity pairs, and these subsidiaries are specially monitored, not allowing them to make huge profits.
In addition, Changpeng Zhao said that personally, he has two accounts in Binance, one for Binance Card and one for holding encrypted assets. He stores cryptocurrencies on Binance and needs to convert cryptocurrencies from time to time to pay for his personal expenses. Binance has a "90-day no-trade" policy for its employees, which means that they are prohibited from selling cryptocurrencies within 90 days of buying them, and vice versa. At the same time, Binance banned its employees from trading futures. Changpeng Zhao stated that he himself strictly abides by these policies and has never participated in Binance Launchpad, Earn, margin or futures trading.
