Binance CEO Changpeng Zhao admits to using company products but says employee trading is limited
On March 27, Binance CEO Changpeng Zhao made a statement published on the exchange's website, revealing that he stores his personal funds with Binance.
Zhao admits to using Binance products
In a statement released on March 27, Binance CEO Changpeng Zhao addressed the question of whether he and other employees use Binance. Zhao confirmed that he personally uses two accounts on the exchange, one for Binance Card and one for his crypto holdings, and stores his cryptocurrency on Binance.com. However, he denied that employees have unrestricted access to the exchange and explained that they are subject to a “90 day rule,” which restricts them from buying or selling any given cryptocurrency within 90 days of their previous purchase or sale. Zhao emphasized that he strictly adheres to these policies.
While Zhao admitted to using Binance's own products, he clarified that he has never personally used certain features such as Launchpad, the company's token sale platform, and has never made use of Binance's earn, margin, or futures products.
Binance minimizes affiliate trading
The statement mentioned above only addresses one of the specific allegations made by the CFTC regarding Zhao's personal trading on Binance through two accounts. However, the CFTC's filing on March 27 also claimed that Zhao indirectly or directly controls 300 accounts that have traded on Binance for proprietary purposes. The filing also states that Zhao is the indirect or direct owner of Merit Peak and Sigma Chain, which have used Binance's trading services or engaged in OTC trading with Binance customers, without registering with the CFTC.
In Binance's recent statement, it admits to trading “in some situations” to convert its crypto revenue to fiat and other cryptocurrencies for expenses. The company also mentions its affiliates, which provide liquidity and are monitored for limited profits, but does not specifically name Merit Peak or Sigma Chain. Earlier today, Binance stated that it is compliant with regulators and expressed disappointment over the unexpected charges brought by the CFTC.
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