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#czbinance response on #cftc 💪
https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282
https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282
CZ, CEO of Binance, Responds to CFTC Complaint with Disappointment and Calls for Dialogue
CFTC Accuses Binance of “Sham” Compliance System
The US Commodity Futures and Trading Commission (CFTC) has accused Binance of intentionally evading the Commodity Exchange Act (CEA) and CFTC regulations.
Binance CEO Changpeng Zhao (CZ) responded to the regulator’s accusations with disappointment, calling for dialogue.
Despite having 16 licenses globally, Binance was criticized by the regulator for having an “intentionally opaque common enterprise” compliance system.
CFTC Complaint Filed Against Binance
Binance, its CEO CZ, former Chief Compliance Officer Samuel Lim, and three other entities under Binance were charged by the CFTC.
The complaint was filed against Binance for “willful evasion of the US Commodity Exchange Act (CEA) and CFTC regulations.”
Binance Coin (BNB) Value Decreases Following Complaint
Following the complaint filed by the CFTC, Binance Coin (BNB) decreased by over 6% in the last 24 hours.
At press time, BNB traded at $309.17 according to CMC.
The current regulatory landscape is witnessing a significant increase in disputes, causing concerns for crypto traders and investors.
CZ sternly replied:
“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 CEO CZ Responds to CFTC Complaint with Disclosures:
Binance CEO Changpeng Zhao, also known as CZ, recently responded to the US Commodity Futures and Trading Commission's (CFTC) accusations against the trading platform in a blog post. The regulator filed a lawsuit against Binance, claiming that the exchange's compliance system was a "sham" and accusing the company of "willful evasion of the US Commodity Exchange Act (CEA) and CFTC regulations." The complaint named CZ, former Chief Compliance Officer Samuel Lim, and three Binance entities.
In response, CZ disclosed statistics showing Binance's compliance efforts, including handling over 55,000 law enforcement requests and collaborating with US law enforcement to free and seize funds worth over $125 million in 2022 and $160 million to date in 2023. He also noted that Binance has acquired 16 licenses and registrations in global nations so far.
CZ addressed CFTC's claim that Binance chose profits over following US laws, highlighting the "90-day no-day-trading rule" set for all employees. Under this rule, no employee, including the CEO, can initiate a new trade of cryptocurrencies or futures within 90 days of the recent one.
Furthermore, CZ addressed rumors of his owning major accounts on Binance and clarified that he has only two accounts on the platform: one for Binance Card and one for his crypto holdings. He also confirmed that he does not participate in the native Launchpad, Earn, Margin, or Futures due to internal policies.
Despite Binance's compliance efforts, the exchange's native token, Binance Coin (BNB), declined over 6% in the last 24 hours following the CFTC complaint. However, the largest crypto exchange announced the opening of its regional center in Georgia on the same day.
Binance's expansion and crypto adoption mission may face challenges due to the regulatory scrutiny over the established crypto entity. Other crypto exchanges with well-known regulatory compliance protocols, such as Coinbase, have also faced scrutiny from US regulators. Last week, Coinbase received a Wells Notice from the Securities and Exchange Commission (SEC) for violating federal securities laws.
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#Binance #crypto2023 #cftc #bitcoin #BTC
The US Commodity Futures and Trading Commission (CFTC) has accused Binance of intentionally evading the Commodity Exchange Act (CEA) and CFTC regulations.
Binance CEO Changpeng Zhao (CZ) responded to the regulator’s accusations with disappointment, calling for dialogue.
Despite having 16 licenses globally, Binance was criticized by the regulator for having an “intentionally opaque common enterprise” compliance system.
CFTC Complaint Filed Against Binance
Binance, its CEO CZ, former Chief Compliance Officer Samuel Lim, and three other entities under Binance were charged by the CFTC.
The complaint was filed against Binance for “willful evasion of the US Commodity Exchange Act (CEA) and CFTC regulations.”
Binance Coin (BNB) Value Decreases Following Complaint
Following the complaint filed by the CFTC, Binance Coin (BNB) decreased by over 6% in the last 24 hours.
At press time, BNB traded at $309.17 according to CMC.
The current regulatory landscape is witnessing a significant increase in disputes, causing concerns for crypto traders and investors.
CZ sternly replied:
“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 CEO CZ Responds to CFTC Complaint with Disclosures:
Binance CEO Changpeng Zhao, also known as CZ, recently responded to the US Commodity Futures and Trading Commission's (CFTC) accusations against the trading platform in a blog post. The regulator filed a lawsuit against Binance, claiming that the exchange's compliance system was a "sham" and accusing the company of "willful evasion of the US Commodity Exchange Act (CEA) and CFTC regulations." The complaint named CZ, former Chief Compliance Officer Samuel Lim, and three Binance entities.
In response, CZ disclosed statistics showing Binance's compliance efforts, including handling over 55,000 law enforcement requests and collaborating with US law enforcement to free and seize funds worth over $125 million in 2022 and $160 million to date in 2023. He also noted that Binance has acquired 16 licenses and registrations in global nations so far.
CZ addressed CFTC's claim that Binance chose profits over following US laws, highlighting the "90-day no-day-trading rule" set for all employees. Under this rule, no employee, including the CEO, can initiate a new trade of cryptocurrencies or futures within 90 days of the recent one.
Furthermore, CZ addressed rumors of his owning major accounts on Binance and clarified that he has only two accounts on the platform: one for Binance Card and one for his crypto holdings. He also confirmed that he does not participate in the native Launchpad, Earn, Margin, or Futures due to internal policies.
Despite Binance's compliance efforts, the exchange's native token, Binance Coin (BNB), declined over 6% in the last 24 hours following the CFTC complaint. However, the largest crypto exchange announced the opening of its regional center in Georgia on the same day.
Binance's expansion and crypto adoption mission may face challenges due to the regulatory scrutiny over the established crypto entity. Other crypto exchanges with well-known regulatory compliance protocols, such as Coinbase, have also faced scrutiny from US regulators. Last week, Coinbase received a Wells Notice from the Securities and Exchange Commission (SEC) for violating federal securities laws.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
#Binance #crypto2023 #cftc #bitcoin #BTC
The Commodity Futures Trading Commission (CFTC) has announced several enforcement actions against crypto-related frauds, involving a total of over $22 million in losses. The CFTC has charged the operators of a $21 million Ponzi scheme that lured investors with false promises of high returns from trading digital assets. The CFTC has also filed a complaint against a romance scammer who conned his victims into sending him over $1.3 million in Bitcoin and other cryptocurrencies.
#crypto2023 #binancefeed
#cftc
#crypto2023 #binancefeed
#cftc
CFTC Chairman Behnam says 70% of "cryptocurrencies" are commodities and Congress should pass legislation giving the CFTC more powers and resources to oversee this market.
#cftc #crypto2023
#cftc #crypto2023
SEC and CFTC at loggerheads over crypto jurisdictional rights
SEC Chair Gary Gensler insists that all Proof-of-Stake tokens and digital assets should be treated as securities.
Ethereum should fall under the ‘commodities’ category, CFTC challenges.
Since Ether futures have been trading on the CFTC exchange, they must fall under their jurisdiction.
Whether a cryptocurrency is a ‘security’ or a ‘commodity’ is under debate amongst different regulatory bodies. The US Securities and Exchange Commission (SEC) thinks that all Proof-of-Stake tokens and digital assets should be treated as securities. The Commodity Futures Trading Commission (CFTC) on the other hand thinks Ethereum, which already trades as a futures contract on its exchange, should be classed as a ‘commodity’.
CFTC: Ethereum should fall under the commodities category
There has been much regulatory confusion around Ethereum since the network transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The crossover happened in September 2022 during the Merge event. Notably, Proof-of-Stake defines the process used to run blockchains, such that coin holders can earn financial rewards when they allow some of their tokens to be used for transaction ordering.
The confrontation comes after the apparent loggerheads between the SEC chair Gary Gensler’s view and the views of CFTC chairman Rostin Behnam. In a recent statement, Behnam said he thought Ether was a commodity. Additionally, the derivatives market regulator said that because Ether futures have been trading on the CFTC exchange, they must fall under their jurisdiction.
SEC: PoS tokens like Ethereum should be regulated as securities
According to Gensler, PoS tokens, which account for most major cryptos, should be regulated as securities. Based on his argument, developers of protocols that pillar such tokens often promote their projects on social media avenues, with investors flocking to them, hoping to earn returns. In an open meeting with the SEC on March 15, the chair said:
I would suggest that each of these token operators, obviously consulting with the appropriate talent, seek to come into compliance.
Cryptocurrency companies want to avoid the ‘security’ tag as it constitutes investor-protection requirements, which according to many, are incompatible with the asset class. Nevertheless, they are coming under increasing regulatory scrutiny.
This is not the first time the SEC chair has expressed concerns over PoS tokens. He did the same during the 2022 Ethereum “Merge.” In that instant, Gensler was careful to say he was not speaking about any digital coin in particular.
A month ago, the SEC penalized Kraken with a $30 million fine after the giant US-based crypto exchange offered staking products that let users earn passive income. Subsequently, in a lawsuit against digital asset exchange KuCoin filed last week, New York Attorney General Letitia James branded Ether a security. Notably, this was one of the isolated cases that explicitly put the Ether (ETH) token in that legal status.
Nevertheless, Gensler refused to comment about any token in particular, adding that he “loves” the CFTC.
#sec #cftc #BNB #BTC #koinmilyoner
Ethereum should fall under the ‘commodities’ category, CFTC challenges.
Since Ether futures have been trading on the CFTC exchange, they must fall under their jurisdiction.
Whether a cryptocurrency is a ‘security’ or a ‘commodity’ is under debate amongst different regulatory bodies. The US Securities and Exchange Commission (SEC) thinks that all Proof-of-Stake tokens and digital assets should be treated as securities. The Commodity Futures Trading Commission (CFTC) on the other hand thinks Ethereum, which already trades as a futures contract on its exchange, should be classed as a ‘commodity’.
CFTC: Ethereum should fall under the commodities category
There has been much regulatory confusion around Ethereum since the network transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The crossover happened in September 2022 during the Merge event. Notably, Proof-of-Stake defines the process used to run blockchains, such that coin holders can earn financial rewards when they allow some of their tokens to be used for transaction ordering.
The confrontation comes after the apparent loggerheads between the SEC chair Gary Gensler’s view and the views of CFTC chairman Rostin Behnam. In a recent statement, Behnam said he thought Ether was a commodity. Additionally, the derivatives market regulator said that because Ether futures have been trading on the CFTC exchange, they must fall under their jurisdiction.
SEC: PoS tokens like Ethereum should be regulated as securities
According to Gensler, PoS tokens, which account for most major cryptos, should be regulated as securities. Based on his argument, developers of protocols that pillar such tokens often promote their projects on social media avenues, with investors flocking to them, hoping to earn returns. In an open meeting with the SEC on March 15, the chair said:
I would suggest that each of these token operators, obviously consulting with the appropriate talent, seek to come into compliance.
Cryptocurrency companies want to avoid the ‘security’ tag as it constitutes investor-protection requirements, which according to many, are incompatible with the asset class. Nevertheless, they are coming under increasing regulatory scrutiny.
This is not the first time the SEC chair has expressed concerns over PoS tokens. He did the same during the 2022 Ethereum “Merge.” In that instant, Gensler was careful to say he was not speaking about any digital coin in particular.
A month ago, the SEC penalized Kraken with a $30 million fine after the giant US-based crypto exchange offered staking products that let users earn passive income. Subsequently, in a lawsuit against digital asset exchange KuCoin filed last week, New York Attorney General Letitia James branded Ether a security. Notably, this was one of the isolated cases that explicitly put the Ether (ETH) token in that legal status.
Nevertheless, Gensler refused to comment about any token in particular, adding that he “loves” the CFTC.
#sec #cftc #BNB #BTC #koinmilyoner
Analyzing Bitcoin's NVM Ratio: Fluctuations, Anomalies, and Patterns "The NVM Ratio is a metric used to assess the fair value of a blockchain network based on the number of active users.
#Binance #BTC #Launchpad #Fed #cftc
#Binance #BTC #Launchpad #Fed #cftc
CFTC Chairman Clashes With SEC Over Crypto Classifications
In a recent statement that has stirred the financial community, Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), addressed the U.S. Senate Agriculture Committee with a bold assertion about the nature of cryptocurrencies. According to Behnam, an overwhelming majority of cryptocurrencies—70 to 80 percent—do not qualify as securities. This perspective sharply contrasts with that of the Securities and Exchange Commission (SEC), where Chairman Gary Gensler maintains that most cryptocurrencies are securities. This stark divergence in views between the two regulatory titans underscores a growing complexity in financial market oversight. The classification of digital assets is pivotal as it dictates the regulatory body that has the authority to oversee them. The recent Illinois court ruling which recognized Bitcoin and Ethereum as commodities rather than securities supports Behnam’s viewpoint, aligning these cryptocurrencies under the jurisdiction of the CFTC, as stipulated by the Commodity Exchange Act.
In his testimony, Behnam also advocated for expanded legislative authority for the CFTC to regulate what he termed as ‘uncertain’ digital assets. This move is aimed at enhancing investor protection while establishing a clear and comprehensive regulatory framework for cryptocurrencies. Such a framework could potentially offer less stringent regulation, providing more room for innovation and growth within the industry. However, this approach also raises concerns about the sufficiency of investor protection measures and the need for robust regulations to prevent misuse and fraud. As the regulatory landscape evolves, investors are urged to navigate cautiously, staying informed of changes that could impact their investments and the broader market dynamics.
#BTC_Bounce_Back_to_57k #Ton_Coin_Surge #BinanceTurns7 #US_Job_Market_Slowdown #cftc
In a recent statement that has stirred the financial community, Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), addressed the U.S. Senate Agriculture Committee with a bold assertion about the nature of cryptocurrencies. According to Behnam, an overwhelming majority of cryptocurrencies—70 to 80 percent—do not qualify as securities. This perspective sharply contrasts with that of the Securities and Exchange Commission (SEC), where Chairman Gary Gensler maintains that most cryptocurrencies are securities. This stark divergence in views between the two regulatory titans underscores a growing complexity in financial market oversight. The classification of digital assets is pivotal as it dictates the regulatory body that has the authority to oversee them. The recent Illinois court ruling which recognized Bitcoin and Ethereum as commodities rather than securities supports Behnam’s viewpoint, aligning these cryptocurrencies under the jurisdiction of the CFTC, as stipulated by the Commodity Exchange Act.
In his testimony, Behnam also advocated for expanded legislative authority for the CFTC to regulate what he termed as ‘uncertain’ digital assets. This move is aimed at enhancing investor protection while establishing a clear and comprehensive regulatory framework for cryptocurrencies. Such a framework could potentially offer less stringent regulation, providing more room for innovation and growth within the industry. However, this approach also raises concerns about the sufficiency of investor protection measures and the need for robust regulations to prevent misuse and fraud. As the regulatory landscape evolves, investors are urged to navigate cautiously, staying informed of changes that could impact their investments and the broader market dynamics.
#BTC_Bounce_Back_to_57k #Ton_Coin_Surge #BinanceTurns7 #US_Job_Market_Slowdown #cftc