CZ: Binance traders find 'intelligent' ways to circumvent US block

Published on by Cointele | Published on

CZ admits it's not always easy weeding out US traders from the global Binance exchange.

Binance founder and CEO Changpeng Zhao, or CZ, says he needs to do more to block "Intelligent" US traders from illegally accessing his global exchange.

In an interview with Bloomberg, CZ said his exchange needs to be "Smarter about the way we block" US traders from gaining access to the platform.

Binance, which is the world's largest crypto exchange by volume, stopped serving US traders in Sept 2019 over regulatory risks.

US is a separate entity that licenses technology from Binance and receives branding support from the Malta-based exchange.

US are said to be only a tiny fraction of the daily turnover on the main Binance exchange.

As Cointelegraph has reported, large exchanges continue to publicize fake volumes.

Several crypto exchanges have struggled to gain a foothold in the United States over the country's inconsistent legal approach to digital assets.

Just last month, the Commodity Futures Trading Commission, or CFTC, filed a civil enforcement action against derivatives exchange BitMEX for operating an unregistered brokerage.

At the same time, the Justice Department is seeking criminal punishment for BitMEX's executive team over the exchange's facilitation of money laundering to and from the U.S. In response, the exchange has announced new AML and trade surveillance measures to weed out bad actors.