in

Changpeng Zhao Fires Back Amid Report of CFTC Probing Binance

Changpeng Zhao Fires Back Amid Report of CFTC Probing Binance


Binance CEO Changpheng Zhao is dismissing the fear and uncertainty surrounding reports that the Commodity Futures Trading Commissions (CFTC) has launched an investigation against the global cryptocurrency exchange.

Bloomberg cites sources close to the matter who say that the CFTC is looking at whether Binance allowed Americans to buy and sell derivatives that may be in violation of US regulations. Bloomberg highlights that the investigation may not necessarily result in an enforcement action.

In a new tweet, Zhao tells his 1.1 million followers that he is not too concerned about the CFTC probe.

“It’s not a bull market without some FUD (fear, uncertainty, and doubt). Ignore FUD, keep BUIDLing.”

The Binance executive also cites part of a report which emphasizes that currently, the CFTC investigation poses no substantial threat to the global cryptocurrency exchange.

In addition, Zhao tweets a Bloomberg interview that features Max Baucus, Binance’s government relations advisor and the former U.S. ambassador to China, who says that the CFTC is just doing its due diligence as the broader crypto market is in the midst of a strong bull market.

“The CFTC is doing its job as it should. The U.S. Securities and Exchange Commission (SEC) is looking into crypto. Treasury is developing regulations. This is such a new phenomenon. It’s only appropriate that the regulatory agencies do their job.

I can’t state whether or not the CFTC is investigating Binance. That’s not for me to say. But I do know that they’re looking at, not investigating, looking at a lot of other exchanges because it’s the right thing to do. Binance has not been charged with any wrongdoing. It’s just part of the general effort of the CFTC to figure out what’s going on because it’s really explosive.” 

As the reports surfaced, Binance Coin (BNB) dropped to a low of $253.95 from a high of $287.58, representing a drop of over 11% within 24 hours. BNB is currently trading at $258.42, according to CoinMarketCap.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc





Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Publish0x and KuCoin Partnershp?!? Here’s What To Know.

Philly t-shirt company allocates $1M of its cash reserves to BTC / ETH