In a statement published on the Binance exchange website on March 27, CEO Changpeng Zhao admitted to using the company's products and storing his own money with Binance. However, he clarified that employee trading is limited.
Responding to a question about whether he and other employees use Binance, Zhao wrote: "Personally, I have two accounts at Binance: one for my personal trading, another for my foundation/business-related transactions. All of these are run through standard compliance procedures."
Zhao also stated that while some employees may use the exchange for personal reasons, their trading activities are monitored and restricted.
"We have strict policies around employee trading," he said. "Trading by our team members is limited in terms of volume and frequency."
Binance has recently come under scrutiny from regulators in different countries over concerns about its operations. In response to this criticism, Zhao emphasized that the company is committed to complying with all applicable laws and regulations.
"We take regulatory compliance very seriously," he said. "We work closely with regulators around the world to ensure adherence to local laws."
Despite these challenges, Binance remains one of the largest cryptocurrency exchanges globally in terms of trading volume. The platform boasts millions of users worldwide who trade various cryptocurrencies daily.
As such, Zhao's admission regarding his personal use of the platform could help boost user confidence in Binance amid growing concerns about its operations.
In conclusion, while admitting his own use of company products on a public forum might seem like an unorthodox move by a CEO; it can be seen as a positive step towards transparency by Changpeng Zhao amidst increased regulatory pressure on cryptocurrency exchanges such as Binance.