‘Unexpected and Disappointing’: Binance Reacts to CFTC Lawsuit - Decrypt
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For example, Binance said that it has brought aboard former members of law enforcement and regulatory agencies, and spent over $80 million on transaction monitoring, market surveillance, and investigative tools to support its compliance program. "We have made significant investments over the past tw
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Binance has responded to the lawsuit filed by the US Commodity Futures Trading Commission (CFTC), calling it "unexpected and disappointing." The cryptocurrency exchange said it has invested over $80 million in transaction monitoring, market surveillance, and investigative tools to support its compliance program. It also stated that it has implemented a "robust three lines of defense approach" to risk and compliance, including mandatory KYC and blocking US users through banning US IP addresses and cellular providers. Binance has denied the allegations made by the CFTC and said it will vigorously defend itself.
Top Highlights
- For example, Binance said that it has brought aboard former members of law enforcement and regulatory agencies, and spent over $80 million on transaction monitoring, market surveillance, and investigative tools to support its compliance program.
- "We have made significant investments over the past two years to ensure we do not have U.S. users active on our platform," the company said. "We went from approximately 100 people in our compliance team to around 750 core and supporting compliance personnel today."
- Binance added that it has implemented a “robust “three lines of defense” approach” to both risk and compliance, including mandatory KYC, blocking users who reside in the United States through banning U.S. IP address and cellular providers, and preventing deposits and withdrawals from U.S. banks.
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