Binance CEO has rejected allegations from the Commodities Futures and Trading Commission, arguing that the crypto exchange does not trade for profit or manipulate the market under any circumstances.
In a March 28 blog post, the chief executive responded to the CFTC’s lawsuit accusing Binance and CZ of engaging in improper compliance procedures and trading, calling the allegations “an incomplete recitation of facts.
In its complaint, the CFTC alleged that Binance has traded on its own platform using 300 house accounts and did not make the proper disclosures to its customers that it was trading in its own market in its Terms of Use.
The CFTC has also accused Binance of keeping the information a top secret and alleged that the exchange refused to respond to commission-issued investigative subpoenas seeking information on its trading activity.
However, CZ argued that while Binance trades in a number of situations, this is mainly to convert its crypto revenue to cover expenses in fiat or other cryptocurrencies.
CZ also refuted claims that his staff engaged in insider trading, stating that Binance has a 90-day no-day-trading rule for employees. He went further to state that employees are restricted from buying or selling coins where they’ve obtained private information about them.
