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Binance CEO Changpheng Zhao dismisses fear and uncertainty surrounding reports that the Commodity Futures Trading Commissions (CFTC) has launched an investigation against the global cryptocurrency exchange.
Bloomberg cites sources familiar with the matter who say the CFTC is investigating whether Binance has allowed Americans to buy and sell derivatives that could violate US regulations. Bloomberg points out that the investigation does not necessarily result in an enforcement action.
In a new tweet, Zhao tell its 1.1 million subscribers that it is not too concerned about the CFTC probe.
“It’s not a bull market without some FUD (fear, uncertainty and doubt). Ignore FUD, continue BUIDLing. “
The Binance executive also cites part of a report that points out that currently, the CFTC’s investigation poses no substantial threat to the global cryptocurrency exchange.
When you know it’s FUD. pic.twitter.com/Phgs53mp9l
– CZ 🔶 Binance (@cz_binance) March 12, 2021
In addition, Zhao tweets a Bloomberg interview that features Max Baucus, Binance government relations adviser and former US ambassador to China, who says the CFTC is only doing its due diligence as the larger crypto market is at in the middle of a strong bull market.
“The CFTC is doing its job as it should. The United States Securities and Exchange Commission (SEC) is looking into crypto. The Treasury makes regulations. It’s such a new phenomenon. It is only fitting that the regulators do their job.
I can’t say if the CFTC is investigating Binance or not. It’s not for me to say. But I know they watch, not investigate, they watch 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 overall CFTC effort to figure out what’s going on because it’s really explosive.
As the reports surfaced, Binance Coin (BNB) fell to $ 253.95 from $ 287.58, down more than 11% in 24 hours. BNB is currently trading at $ 258.42, according to CoinMarketCap.
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