- Binance boss CZ showed what he thinks of trading violations lawsuit with an enigmatic tweet: "4."
- He was referring to one of his four principles: "Ignore FUD, fake news, attacks, etc."
Binance boss Changpeng Zhao showed what he thinks of the Commodities Futures and Trading Commission (CFTC) lawsuit against him and the exchange with a cryptic, enigmatic tweet of the number "4."
In a tweet pinned to the top of his Twitter page, Zhao, commonly known as CZ, outlined four principles or priorities he's focusing on to "try to keep 2023 simple'"and number 4 was "Ignore FUD, fake news, attacks, etc."
FUD is short for fear, uncertainty, and doubt — a popular acronym in the digital assets space.
In a Monday blog post denying the allegations of trading violations, and disagreeing with "the characterization of many of the issues alleged in the complaint," CZ underscored his faith in Binance by noting he keeps his own coins on the exchange.
"Personally, I have two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com," he said.
He later explained the expression describes companies that use their own products or services internally, in the same way they expect customers to do so. In other words, if a company's dog food is as high quality as advertised, it should be good enough for its employees to eat.
The CFTC filed a complaint in federal court Monday where it listed eight provisions of the Commodity Exchange Act that it claimed Binance breached. The complaint alleged that CZ and former Chief Compliance Officer Samuel Lim solicited US customers, violating a law that crypto exchanges have to register as US companies to serve Americans.
CZ said "the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years."
Binance has been in hot water for a while, as troubles at the world's largest cryptocurrency exchange mount. It's being blowtorched from all angles by US regulators.