CZ Defends Binance Practices

Binance CEO Changpeng Zhao (CZ) said the U.S. Commodities and Futures Trading Commission (CFTC) has given “an incomplete recitation of facts” in its recently filed civil complaint against the largest Centralized Exchange in crypto.

In an official response published by Binance, CZ said, “we do not agree with the characterization of many of the issues alleged in the” … “unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.”

He said, “At Binance, we look for amicable solutions to all problems. We are collaborative with regulators and government agencies all around the world. While we are not perfect, we hold ourselves to a high standard, often higher than what existing regulations require.”

The statement on Binance Blog follows CZ’s initial reaction on his personal Twitter account – “4” – which is a reference to his resolution not to respond to “fake news,” FUD or attacks on Binance.

CZ’s statement addresses certain allegations in the federal lawsuit against Binance, himself and former Chief Compliance Officer Samuel Lim from the U.S. commodities regulator, which is requesting a jury trial and seeking monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the law.

In the statement, CZ defends Binance’s mandatory KYC program and technological applications, states that Binance has helped U.S. law enforcement freeze/seize nearly $300 million since the beginning of 2022, and declares that Binance has 16 registrations and licenses globally, the highest in the industry.

CZ also states that Binance does not trade to make profits, only to convert crypto revenues to cover expenses in fiat or other cryptocurrencies.

“Personally, I have two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time-to-time to pay for my personal expenses or for the Card,” CZ said.

CZ said he strictly observes company policies on trading, including minimum holds of 90 days on any token purchased, and has never participated in Binance offerings such as Launchpad, Earn, Margin or Futures.

“I know the best use of my time is to build a solid platform that services our users,” CZ said.

The CFTC lawsuit has apparently already impacted confidence in Binance and the broader crypto market, and will continue to be a source of uncertainty and speculation as it progresses. However, some observers are already questioning the substance of the complaint, the current relevance of the allegations since Binance updated its KYC policies several years ago, and the potential outcome of the proceedings beyond Binance paying a substantial (but feasible) fine.

Twitter user Rocket, who claims to be an “actual attorney,” posted their observations and predictions in a thread, equating Binance's situation with that of traditional banks who elect to pay fines rather than follow unworkable regulations.

“Lawsuit is a punitive measure based on 2019 issues and will be settled for sub-$100mm,” said Rocket, who is followed by CZ on Twitter.

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What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

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Where to find Binance:

Website | Twitter | Discord | Telegram |

Mega Reward Program 

Following the listing on BigONE exchange, Floki has launched a mega giveaway campaign for users. Participants can win from a prize pool of 110,000,000 $FLOKI. 

The giveaway campaign, worth over $3,000, commenced on March 28 at 11:00 UTC and will end on April 4. Per the exchange’s tweet on March 28, users must deposit or trade the $FLOKI token to become eligible to participate and earn rewards. 

The giveaway campaign is divided into three different categories: 

• Deposit To Win.
• Trade Ranking Award. 
• Sunshine Award. 

For Deposit To Win, users who deposit over 5,600,000 FLOKI above $200 will be rewarded 50,000,000 FLOKI. The FLOKI deposit will be calculated in net deposit, and rewards will be based on the percentage of net deposit volume. 

Trade Ranking Award rewards users who trade FLOKI/USDT based on their trading volume during the campaign period. Floki will reward the best 15 traders on the exchange, and the top three traders need to trade at least 2,000 USDT. The top trader would earn 16,000,000 FLOKI, while the second and third would be rewarded with 13,000,000 and 11,000,000 FLOKI tokens, respectively. 

In the Sunshine Award category, 20 participants who trade over 100 USDT will receive 255,000 each on a first-come, first-served basis. The rewards for each category will be distributed within seven days after the campaign ends. 

For more information about the giveaway campaign, read the BigONE official blog. 

What is Floki:

Floki Inu began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki Inu. Floki Inu is currently the market's third most popular meme token, behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.

Where to find Floki:

Website | Twitter | Telegram | Discord |

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Miidas IDO on ArcherSwap Records Massive Interest 

Miidas Initial DEX Offering (IDO) on ArcherSwap’s BowPad, has recorded outstanding progress on the Core chain. 

The leading Non-Fungible Token (NFT) platform on the Layer-1 chain launched the IDO for its native $Miidas token. The IDO comprises both private and public sales. According to ArcherSwap Decentralized Exchange (DEX), users filled out 7306% of the private sale, which went live on March 27. 

The public sale commenced on March 28 at 1:00 UTC, and already, users have filled over 1900% of the $30,000 to be raised. Following the successful IDO on the leading Core-based DEX, Miidas took to Twitter to warn users over fake $Miidas tokens. 

Considering the successful sale on ArcherSwap, it's no surprise that perpetrators are trying their best to scam users. With this in mind, BSC News urges users to interact with the ongoing IDO on ArcherSwap. The public sale will end on March 28 at 13:00 UTC, and users need $WCORE to participate. 

Read Miidas IDO details for more information about the ongoing public sale. Also, Do Your Own Research (DYOR) before investing in any token.  

What is Core DAO:

Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the crypto ecosystem's history and an even greater excitement for Core’s role in its future.

Where to find Core DAO:

Website | Docs | Twitter | Discord

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Supporting the Creation of Pi Utilities 

The Pi core team made several improvements to the testnet developer resources to support its enclosed mainnet goal of creating utilities for Pioneers. 

According to the protocol’s Pi day announcement, two core improvements were added to the testnet to enhance the creation of unique innovations for developers. They include App to User Payments and Developer Wallet. 

Both releases, live on the testnet, allow for the development of the Pi ecosystem. App to User Payment ensures that payment flows between members and developers. On the other hand, Developer Wallets allows app creators to utilize Pi in developing their infrastructure. 

“App to User payments enables payment flows between app developers and members. Developer Wallets were released on Testnet, as specific wallets, for app developers to hold and utilize Pi for the apps they are developing,” the blog read. 

Pi developers and the core team are tasked with testing both features to detect flaws ahead of open mainnet. Once they are secure and reliable, they will be integrated into the Pi Network open mainnet soon. 

Overall, the developer resources added to the Pi testnet will support the collaborative building process for Pioneers and community developers. Most importantly, it is a huge step towards the highly anticipated open mainnet launch. 

What is Pi Network:

Pi Network is a novel cryptocurrency and developer platform allowing mobile users to mine Pi coins without draining the battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web 3.0 experience where community developers can build decentralized applications (Dapps) for millions of users.

Where to find Pi Network:

Website | Twitter | LinkedIn | Facebook | Instagram |

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CFTC Sues Binance

The U.S. Commodity Futures Trading Commission has sued Binance and CEO Changpeng Zhao (CZ), alleging that the world’s largest cryptocurrency Centralized Exchange committed “numerous violations” of U.S. laws.

The civil complaint was filed in the U.S. District Court for the Northern District of Illinois on Monday, March 27.

According to a press release announcing the filing, the CFTC alleges that Binance “chose to knowingly disregard applicable provisions of the [Commodity Exchange Act (CEA)] while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit.”

The derivatives markets regulator is also accusing former Chief Compliance Officer Samuel Lim of aiding and abetting the alleged illegal activity.

The CFTC is seeking monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the law.

“Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors. I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market,” CFTC Chairman Rostin Behnam said. “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law.”

Honing in on Binance’s “commodity derivatives transactions to and for U.S. persons,” the 74-page complaint contains numerous allegations and assertions about Binance, including references to what CFTC says are excerpts from Binance’s internal company chat messages.

“Defendants’ alleged willful evasion of U.S. law is at the core of the Commission’s complaint against Binance. The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” said Gretchen Lowe, CFTC’s Enforcement Division Principal Deputy Director and Chief Counsel.

The complaint’s allegations against Binance include:

• Shortcomings in compliance controls (some deliberate)
• Lack of KYC verification
• Failure to implement basic measures to prevent terrorist financing and money laundering
• Deliberately assisting U.S. VIP customers on how to evade compliance controls
• Failure to register with the CFTC.

The complaint also accuses Binance et al of intentionally structuring entities to avoid U.S. registration requirements.

The complaint singles out CZ for allegedly “devising the secret plot to instruct U.S.-based VIP customers to evade Binance’s compliance controls and instructing Binance employees to ensure all communications about their control subversion took place over applications that facilitated the automatic destruction of evidence,” according to the CFTC press release.

After news broke of the suit’s filing, CZ tweeted a one character response: “4”.

That’s a reference to his New Year’s resolution to “Ignore FUD, fake news, attacks etc.”

The CFTC’s action against Binance occurs amidst a period of regulatory uncertainty in the U.S., when the U.S. Securities and Exchange Commission has attempted to also take on an increasingly active role in regulating cryptocurrencies.

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What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

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Where to find Binance:

Website | Twitter | Discord | Telegram |