Introduction
Binance CEO Changpeng Zhao (CZ) has posted a blog update in response to the recent allegations by the U.S. Securities and Exchange Commission (SEC) that Binance has been operating an unregistered securities exchange. The SEC claims that Binance.US is not registered with the agency and has been offering trading services to U.S. customers without complying with regulatory requirements.
CZ Refutes SEC Claims
In his blog post, CZ refutes the SEC’s claims, stating that Binance.US operates independently from Binance and is compliant with all regulatory requirements. He explains that Binance.US is a separate entity that is registered with the Financial Crimes Enforcement Network (FinCEN) and has received licenses from various U.S. states to operate as a money services business.
CEFFU Partnership
CZ also announced a new partnership between Binance.US and the Chicago DeFi Alliance’s CEFFU (Chicago DeFi Alliance Education Fund for Universities) program. The program aims to educate students and professionals about decentralized finance (DeFi) and blockchain technology.
Confusion Persists
Despite CZ’s refutation of the SEC’s claims, confusion still persists among the cryptocurrency community. Some have questioned whether Binance.US is truly independent from Binance or if it is simply a subsidiary. Others have raised concerns about the regulatory compliance of Binance.US, given the SEC’s allegations.
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Conclusion
In conclusion, CZ’s blog post refutes the SEC’s claims that Binance has been operating an unregistered exchange. He states that Binance.US is compliant with all regulatory requirements and operates independently from Binance. However, confusion still persists among the cryptocurrency community, and it remains to be seen how the SEC will respond to CZ’s rebuttal.
