In its Chinese statement, Binance claims, "We are different than ___."
Following recent litigation with the US Securities and Exchange Commission, cryptocurrency exchange Binance communicated a powerful message of resilience and differentiation through its Chinese social channels on June 7th, using the hashtag #StrongTogether.
The company underscored its unique position in the industry, emphasizing the transparency of its wallet addresses and a steadfast commitment to never misusing consumer funds or engaging in "collateralized borrowings."
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Moreover, Binance drew attention to its ethical financial conduct, stating its position of not providing "large donations" to political candidates nor spending heavily on "sponsorships" for media and entertainment organizations.
The message, as translated from Chinese, reads:
Our community comes from many different races, ethnicities, and beliefs; we will continue to BUILD for our users and stand up for the industry. We are different than ___. We are Binance.
Although Binance didn't specifically mention the name of the cryptocurrency exchange it was contrasting itself against, recent accusations against FTX misappropriating consumer assets and providing loans to its sister hedge fund, Alameda Research, might shed some light.
On top of that, on June 6th, SEC's Chair Gary Gensler outlined "parallels" between Binance and FTX, highlighting the alleged manipulative activities of both companies.
FTX founder Sam Bankman-Fried is currently awaiting trial, scheduled for October 2nd, over wire fraud charges. The allegations suggest that Bankman-Fried, who was the second-highest donor to the US Democratic Party from 2020 to 2022, funded his donations through clients' assets.
Adding to this complex situation, the SEC initiated a lawsuit against Binance on June 5th. The complaint accused Binance of operating an unregistered exchange in the US and selling unregistered securities to US users.
Binance's clear, bold statement in the face of adversity demonstrates its unwavering commitment to its users and the crypto industry, showing the world that it is indeed "different" and will continue to stand firm, no matter the challenges it faces.
