Binance Announcement: No allegations of fund misappropriation or market manipulation; will continue to promote cooperation with global regulatory authorities in the future

ChainCatcher news, Binance has released an official announcement stating that it has reached a resolution with the U.S. Department of Justice, the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), and the Financial Crimes Enforcement Network (FinCEN) regarding their investigations into Binance's past issues related to registration, compliance, and sanctions. When Binance started operations, it did not have sufficient compliance management measures to match its rapidly growing business. As Binance grew rapidly worldwide, the industry was still in an emerging and evolving stage, and regulation was still in its early days, leading Binance to make some wrong decisions during this process. Today, Binance takes responsibility for these past actions.

It is noteworthy that in the aforementioned resolution, U.S. regulators did not accuse Binance of misappropriating any user funds, nor did they accuse Binance of any market manipulation. Former CEO Changpeng Zhao will remain as a major shareholder, providing consultation on matters related to the platform's development. Binance has never wavered in its core values of maintaining user safety and security, and will continue to promote cooperation with global regulators in the future. Only by maintaining transparency and compliance can the industry rebuild trust in a chaotic market environment.