Binance CEO Changpeng Zhao (CZ) wrote an open letter to his employees amid the storm of lawsuits brought by the US Securities and Exchange Commission (SEC). The letter is a beacon of transparency and resilience, confronting the allegations, clearing up misunderstandings caused by the recently leaked chat transcripts, and reaffirming Binance’s strong commitment to its users.
CZ challenges SEC’s ‘ridiculous’ use of employee chats as legal evidence
In a recent internal letter to Binance employees, the chief Executive Changpeng Zhao (CZ) spoke about the ongoing litigation with the US Securities and Exchange Commission (SEC). The lawsuit, which has been the subject of intense discussion, was sparked by a public chat between Binance’s former compliance chief Sam Lim and former business development chief Alvin. The chat suggests that Binance, which operates as an unlicensed exchange in the US, could see its native token, BNB, drop to zero.
exist In the viral chat that has become the focus of the SEC lawsuit, Sam Lim suggested that Alvin convert his BNB winnings to USDT, calling the compliance aspect of the business a “wreck.” Lim expressed his dissatisfaction with the risk-reward balance and his reluctance to sign off on OFAC compliance.
Lim revealed that CFO Wei Zhou offered him the position of Chief Compliance Officer (CCO) with the promise of double salary, but he turned it down. He implied that Zhou and CZ fully understood the reasons behind their reluctance to sign the OFAC report. As the highest-ranking compliance officer at the time, Lim said bluntly, “We’re not clean in any fucking way,” adding that he saw no evidence to the contrary.
CZ’s letter, obtained exclusively by Odaily Planet Daily, underscores Binance’s commitment to transparency and cooperation with investigators. He clarified that Binance does not monitor employee chats and expressed surprise that the SEC was using such chats as evidence, calling it “ridiculous.”
Binance’s legal team will deal with the SEC
as a response to the viral chat, CZ addressed the issue head-on. He acknowledged the damage done to Binance’s reputation by what he called a “personal” complaint filed by two people five years ago. He assured everyone that Binance was fully cooperating with investigators, who typically request chat transcripts as part of their investigations. He strong.
Additionally, CZ encourages any employee who is unhappy with their role at Binance to talk to their manager and consider their career options. He urges them not to waste energy on tasks they don’t like because it doesn’t lead to good performance. He emphasized the importance of loving what one does and being committed to Binance’s mission of “money freedom,” especially given the challenges to overcome.
He assured his team and users that Binance has always adhered to high ethical standards and will never compromise on protecting users.
Despite ongoing legal challenges, CZ’s letter underscores the company’s commitment to its users. He shared a tweet about Binance Pay’s recent partnership with Credencial Payments in Latin America, which allows users to pay in real time with cryptocurrencies. The tweet was supported by a large number of users, demonstrating the strong community that Binance has built over the years.