Just-In: Binance CEO CZ Replies To US Senators Inquiry, Shares Response

Binance News: Changpeng Zhao (CZ), Binance CEO on Tuesday shared the crypto exchange’s response letter sent to US Senators Warren, Van Hollen and Marshall led inquiry. This comes at a time when the Commodity Futures Trading Commission (CFTC) alleged the world’s largest crypto exchange of violating trading rules.

As per the letter, Binance filed the response on March 16th, 2023 and called it an effort to be more transparent in dealing with regulators and challenges faced by crypto firms.

It stated that the Senators’ letter cited several incorrect or incomplete articles targeting Binance. The response focuses on regulation, compliance, and transparency. The exchange assured of maintaining the best form of user protection is regulation.

However, it highlighted that smart regulation will protect both consumers and markets. Keeping these two aspects in sight, Innovation and crypto’s core fundamentals can be preserved. Binance seems to be supporting the effort taken by the authority to strengthen regulations.

The reply stated that the exchange has prioritized local regulatory compliance as it gained regulatory approvals in many countries around the world. To maintain the commitment, Binance launched U.S. entity, Binance.US, in 2019.

Also Read: US Crypto Firms To Migrate Fast After Binance Case, Claims Ripple Policy Head

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