Binance CEO CZ Responds To Accusations Of Dodging Regulators!
Binance CEO CZ Responds To Accusations Of Dodging Regulators!
Recently a new article was released by news media Reuters, which accuses of crypto exchange Binance of a number of things including dodging UK and US regulators as well as being a platform that facilitates money laundering. Since then, Binance’s CEO has spoken up to debunk these claims.
Binance CZ’s Defense
Through a blog post on their official website, Binance CEO Changpeng Zhao, or CZ as he’s most often known, has defended both himself and his company against the allegations that were made against his crypto exchange by Reuters earlier this week.
The Reuters’ published story alleges that Binance had been avoiding UK and US regulators and their investigation into the platform in relation to money laundering. Reuters claims that in retaliation, to draw regulators attention away from Binance, CZ had set up another new American exchange which would draw the attention of the regulators away from Binance.
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Another flagrantly inaccurate ‘report’ on Binance from the usual suspects.
We felt they crossed a serious line. Threatened to doxx my family. So the team agreed not to engage.
Read my response below, along with more details about how I lead Binance. https://t.co/dF9djlryDg
— CZ 🔶 Binance (@cz_binance) October 17, 2022
In response to this, Zhao argues that none of the allegations were true and that although he was more than happy to answer questions from the media site at first, the reporters had crossed the line by attempting to breach and report his family and personal life.
“Over the last two years, we have worked with global law enforcement to seize assets of criminal organizations around the globe. My toddlers are not in the public interest and this reporter would be knowingly putting them in harm’s way by publishing information about them. This is unprincipled and intolerable.” CZ wrote.
Dodging Regulators
He then goes on to address the allegations that were made against the platform, including claims that they were dodging regulators by not publicizing the exact addresses of all their offices.
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To this, CZ replied, “We are careful when disclosing office locations, wearing Binance branding, or representing ourselves as Binance employees for security purposes. I want to keep our employees safe.“
“However, regulators in each jurisdiction where we operate have our local address and contact details on file and we have announced major offices in Paris and Dubai. We have also set up a special part of the Binance website specifically for law enforcement.”
Binance And Money Laundering
CZ then addresses claims that Binance has facilitated money laundering by saying: “Reuters has reported that Binance had been used as a conduit for the laundering of at least $2.35 billion in criminal funds but failed to provide any details of how that number is calculated and note the fact this represents less than 0.1% of total funds that have flowed through Binance since 2019.“
“We have zero tolerance for criminal activity,” He wrote.
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