Changpeng Zhao Denies Market Manipulation Allegations

Industry media reported on Monday that the Commodity Futures Trading Commission (CFTC) had filed a lawsuit against Binance for allegedly violating the regulations of derivatives trading and for manipulation of the market for profit by its CEO, Changpeng Zhao.

In response, Zhao has denied the accusations against him, stating that the platform does not engage in any form of manipulation and does not trade for profit.

He did confirm that he himself trades and that Binance occasionally converts digital currency into fiat money to cover current expenses.

He also mentioned that the company has strict rules for employees to minimize the risks of their participation in speculative transactions, which includes not buying or selling digital currencies within 90 days from the date of the transaction.