Binance responds to questions from three US senators: the content of the letter is inaccurate and incomplete, Binance.US is not a subsidiary of Binance

Binance responded to a questioning of Binance by U.S. Senators Warren, Van Hollen, and Marshall in early March and stated that articles about Binance.com (not Binance.US) cited in the senators’ letter were either inaccurate or incomplete. Binance stated that Binance attaches great importance to compliance issues, regularly contacts with US law enforcement agencies, and pursues higher transparency by publishing reserve certificates, hot and cold wallet information, and exchange commitments. Binance clarified that Binance.US was announced on June 13, 2019 and launched on September 24, 2019 as a compliant platform for US users. While Binance.com and Binance.US are ultimately owned by Changpeng Zhao, Changpeng Zhao is a board member of Binance.US, Binance.com and Binance.US are separate entities, and Binance.US is not a subsidiary of Binance. Binance also responded from various aspects such as Binance’s background, compliance commitments, and commitment to security and transparency. Among them, Binance has a team of about 750 core and supporting compliance personnel, including nearly 80 people with experience in law enforcement or regulatory agencies and about 260 people with compliance professional certificates. In addition to the core compliance team, Binance has hundreds of operations, product, and technical employees supporting the development and execution of the compliance program. Additionally, Binance is also cooperating with local law enforcement. Binance employs two teams dedicated to law enforcement cooperation, with a total of nearly 100 members. As of February 2023, these teams have responded to more than 55,000 requests for assistance from law enforcement agencies, with an average response time of three days. In early March, three members of the U.S. Senate sent a letter to Binance saying they wanted a complete copy of the balance sheets of all Binance and Binance subsidiaries from 2017 to the present, as well as the number and percentage of Binance’s US users for each fiscal quarter from 2017 to the present . In addition, the letter also expressed the hope that Binance will provide a complete copy of all written policies or procedures regarding the relationship between Binance and Binance.US, and asked Binance to respond by March 16.