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News

CZ’s Internal Letter: SEC’s Use Of Employee Chats As Evidence Is Absurd

June 8, 2023 - Around 2 mins mins to read

Key Points:

  • Binance CEO CZ sent an internal letter today about the SEC’s release of employee chat logs, claiming that it has caused significant harm to the company’s image.
  • He categorically said that the SEC’s use of employee communications as proof was “absurd.”
According to Odaily, Changpeng Zhao (CZ), the CEO of the largest exchange Binance, issued an internal letter to Binance’s staff in which he emphasized that Binance will not check chat records.
CZ's Internal Letter: SEC's Use Of Employee Chats As Evidence Is Absurd

In the letter, CZ mentioned two tweets, one of which was posted by Adam Cochran. The tweet showcased a range of evidence used by the Securities and Exchange Commission (SEC) in the lawsuit against Binance, including chat logs of Binance employees.

CZ said that the SEC’s behavior of using employee chats as evidence is “absurd.”

“In tough times, let’s keep our heads down and keep building products people use. While we may still see other chat logs of disgruntled employees ranting or other things we (or I) were not careful with saying in the past, they will also find that we continue to hold ourselves to a high ethical standard and, most importantly, we have always gone above and beyond to protect our users,” the letter wrote.

“If you are not satisfied with working at Binance (or any company), you should talk to your manager and seriously consider career options. Don’t waste energy and life on things you don’t like because you won’t do well, ” he added.

CZ's Internal Letter: SEC's Use Of Employee Chats As Evidence Is Absurd

In addition, CZ said that Binance will still adhere to high ethical standards and will always spare no effort to protect users. During tough times, keep your head down and keep building products that people use.

The SEC lawsuit, filed in federal court in Washington, D.C. on Monday, included 13 counts against Binance, Zhao, and the operator of its ostensibly independent U.S. exchange.

CZ's Internal Letter: SEC's Use Of Employee Chats As Evidence Is Absurd

According to the SEC, Binance falsely inflated its trading volumes, misappropriated client money, neglected to ban US consumers from its platform, and deceived investors about its market surveillance mechanisms.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

CZ’s Internal Letter: SEC’s Use Of Employee Chats As Evidence Is Absurd

Key Points:

  • Binance CEO CZ sent an internal letter today about the SEC’s release of employee chat logs, claiming that it has caused significant harm to the company’s image.
  • He categorically said that the SEC’s use of employee communications as proof was “absurd.”
According to Odaily, Changpeng Zhao (CZ), the CEO of the largest exchange Binance, issued an internal letter to Binance’s staff in which he emphasized that Binance will not check chat records.
CZ's Internal Letter: SEC's Use Of Employee Chats As Evidence Is Absurd

In the letter, CZ mentioned two tweets, one of which was posted by Adam Cochran. The tweet showcased a range of evidence used by the Securities and Exchange Commission (SEC) in the lawsuit against Binance, including chat logs of Binance employees.

CZ said that the SEC’s behavior of using employee chats as evidence is “absurd.”

“In tough times, let’s keep our heads down and keep building products people use. While we may still see other chat logs of disgruntled employees ranting or other things we (or I) were not careful with saying in the past, they will also find that we continue to hold ourselves to a high ethical standard and, most importantly, we have always gone above and beyond to protect our users,” the letter wrote.

“If you are not satisfied with working at Binance (or any company), you should talk to your manager and seriously consider career options. Don’t waste energy and life on things you don’t like because you won’t do well, ” he added.

CZ's Internal Letter: SEC's Use Of Employee Chats As Evidence Is Absurd

In addition, CZ said that Binance will still adhere to high ethical standards and will always spare no effort to protect users. During tough times, keep your head down and keep building products that people use.

The SEC lawsuit, filed in federal court in Washington, D.C. on Monday, included 13 counts against Binance, Zhao, and the operator of its ostensibly independent U.S. exchange.

CZ's Internal Letter: SEC's Use Of Employee Chats As Evidence Is Absurd

According to the SEC, Binance falsely inflated its trading volumes, misappropriated client money, neglected to ban US consumers from its platform, and deceived investors about its market surveillance mechanisms.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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