BinanceCEO Zhao Changpeng refutes the Futures Trading Commission's accusation that making up lies to log on to the password exchange "does not trade at a profit or 'control' the sales market at any time."

In an online article on March 28th, the CEO responded to CFTC's complaint that Binance and CZ were engaged in unreasonable compliance procedures and transactions, saying the allegations should be objective facts but not memorized in detail.

The Futures Trading Association said in a civil complaint that Binance used 300 "family accounts" to trade on its software and did not appropriately disclose to customers its terms of use for trading in its own market.

CFTC also accused Binance of keeping the information confidential and claimed that the exchange refused to reply to the European Commission's search for a court subpoena to investigate and analyze information about its trading-themed activities.

The statement added: "based on information and belief, Binance does not have any risk control system or anti-control monitoring and control over Merit Peak, Sigma Chain or its approximately 300 house account trading-themed activities."

However, CZ made up lies, and although Binance carried out "transactions" in most cases, the main purpose was to convert its data encryption benefits into payment currency or other digital currency charges.

"personally, I still have two kinds of accounts with Binance: one is the Binance Card account, and the other is my password account. I eat our own dog food and keep my password on Binance.com. I also have to keep changing my login password to pay for my personal expenses or card expenses.

CZ also denied claims that its employees participated in "insider trading", saying that Binance had no trading days for 90 days, adding:

"this is to avoid all employees from taking the initiative to trade. Our own personnel are also strictly prohibited from trading futures.

He further said that employees are not allowed to trade coins after they get the "personal information" of the relevant coins.

I strictly implement these policies myself. I have never participated in Binance LaunchPad, profit, margin or futures trading. I understand that to make better use of my time is to build a solid service platform to serve their customers, "he added.

Zhao said CFTC's recent filing was both unexpected and disappointing because he had been working with regulators for more than a year.

CFTC also claimed that its high-end team members were "actively assisting in violating US laws and regulations", including "helping and guiding" US customers to avoid Binance's own compliance manipulation, adding that Binance's compliance program was only "for show".

However, CZ denies laziness at the level of compliance diligence. He points out that Binance.com has already developed state-of-the-art technology to ensure compliance, and there are now more than 750 people working to ensure that the industry operates within the scope of anti-money laundering laws (AML) and customers who know you (KYC) laws and regulations:

So far, more than 55000 LE requirements have been resolved, helping the United States to withhold more than $125 million in assets in 2022 alone, and $160 million has been resolved so far in 2023.

CZ also mentioned that Binance.com has 16 license plates that provide services for digital currency transactions, the largest number of all digital currency trading platforms.

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