Crypto Updates

Binance CEO Calls CFTC Lawsuit “An Incomplete Recitation of Facts”

Binance CEO Changpeng Zhao

Hours after the Commodity Futures Trading Commission’s lawsuit, Binance CEO Changpeng Zhao publicly rejected the allegations, calling them “unexpected and disappointing” with “an incomplete recitation of facts.”

In the brief response through an official blog post, Zhao refuted all the major allegations and will be “able to give full responses in due time.”

“The CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years,” he stated. “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.”

Binance, the largest cryptocurrency exchange in terms of trading volume, faced many regulatory setbacks in the past, including warnings and enforcement actions. However, the latest lawsuit by the US regulator is a massive blow to its dominance.

The lawsuit on Monday by the CFTC alleged that Binance violated “numerous” regulations in the country and that its compliance

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…