Binance CEO Changpheng Zhao dismisses fears and uncertainty surrounding reports that Commodity Futures Trading Commissions (CFTC) have launched an investigation into the global cryptocurrency exchange.
Bloomberg cites sources close to the case who say the CFTC is investigating whether Binance allowed Americans to buy and sell derivatives that are in violation of U.S. regulations. Bloomberg stresses that the investigation could not necessarily result in enforcement action.
In a new tweet, Zhao tell his 1.1 million followers that he is not too worried about the CFTC investigation.
‘This is not a bull market without FUD (fear, uncertainty and doubt). Ignore FUD, keep BUIDLing. ”
The Binance CEO also cites part of a report that highlights that the CFTC investigation does not currently pose a significant threat to the global cryptocurrency exchange.
If you know it’s FUD. pic.twitter.com/Phgs53mp9l
– CZ 🔶 Binance (@cz_binance) 12 March 2021
In addition, Zhao tweets A Bloomberg interview with Max Baucus, Binance’s government relations adviser and former US ambassador to China, who says the CFTC is only doing the necessary research as the broader crypto market is in the midst of a strong bull market.
“The CFTC is doing its job properly. The U.S. Securities and Exchange Commission (SEC) is investigating crypto. Treasury develops regulations. This is such a new phenomenon. It is only fitting that the regulatory agencies do their job.
I can not declare whether the CFTC Binance is investigating. That’s not for me to say. But I know they are looking at many other exchanges, not researching, because that is the right thing to do. Binance is not charged with any offense. This is just part of the CFTC’s general effort to find out what’s going on, because it’s really explosive. ”
As the reports surfaced, Binance Coin (BNB) fell to a minimum of $ 253.95 from a high of $ 287.58, representing a drop of more than 11% within 24 hours. BNB is currently trading at $ 258.42 according to CoinMarketCap.
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