Today, despite working collaboratively for over two years, the CFTC filed an unexpected and disappointing legal complaint against us.

According to our initial assessment, the complaint consists of incomplete information and we do not agree with the way many of the problems alleged to exist in the complaint are characterized. While we'll only be able to provide a full answer when the time comes, we'll touch on a few key points below.

Technology for Compliance and blocking of US citizens Binance.com has developed best-in-class technology to comply with regulations. Binance.com was the first global (non-US) exchange to require identification (KYC) and still maintains one of the highest standards in KYC (Know Your Customer) and Anti-Money Laundering (AML) processes. Identify US users based on citizenship (KYC), IP address (including VPN endpoints commonly used outside the US), mobile carrier, device fingerprints, bank deposits and withdrawals, blockchain deposits and withdrawals, credit card bank ID numbers, and more. We block.

We know of no other company that uses more comprehensive or effective systems than Binance.

Cooperation and Transparency with Law Enforcement Agencies. Binance is committed to transparency and continuing to cooperate with regulators and law enforcement agencies both in the United States and globally. Binance's internal compliance teams include more than 750 people, many with law enforcement and regulatory backgrounds. To date, we have handled more than 55,000 law enforcement requests. We have helped US law enforcement agencies freeze or seize over $125 million in funds in 2022 alone and $160 million so far in 2023.

We intend to continue to respect and cooperate with other regulatory authorities in the United States and around the world.

Registrations and Licenses. Binance.com has the largest number of licenses/registrations worldwide (16 and counting), earning us great respect from our user community.

Purchase and sale. Binance.com does not trade or “manipulate” the market for profit under any circumstances. Binance only trades in a few limited cases. Since our revenues are denominated in crypto, we must occasionally convert these cryptos to cover expenses in fiat or other cryptocurrencies. Less liquid Our partners who provide liquidity for pairs are specifically monitored to ensure they do not make a large profit.

Personally, I have two accounts with Binance: one for Binance Card and the other for my crypto assets. I use our own products and keep my cryptocurrency on Binance.com. I also need to convert crypto from time to time to cover personal expenses or make card payments.

Binance.com has a 90-day no-day trading policy for employees, meaning you are not allowed to sell a coin or vice versa within 90 days of your last purchase. The purpose of this is to prevent all employees from actively trading. Additionally, our employees are prohibited from trading in the Futures markets. Moreover, listing information, Launchpad etc. We have strict policies for anyone who has access to confidential information. These people are not allowed to buy or sell those coins.

I also strictly adhere to these policies. I have also never participated in Binance Launchpad, Earn, Margin or Futures. I use my time to continue building a solid platform that best serves our users.

At Binance, we seek friendly solutions for all problems. We cooperate with regulatory authorities and public institutions around the world. While we are not perfect, we often hold ourselves to a higher standard than current regulations require. We also believe that, above all else, we should always do what's right for our users. We do not expect everything to be easy on this journey towards the freedom of money. We do not shy away from the difficulties we will encounter.

Thanks for your ongoing support!

CZ

Binance CEO