In a blog post, the Chinese-Canadian head of the world’s largest crypto exchange said a lawsuit filed by the Commodity Futures Trading Commission contains “an incomplete recitation of facts.” (The Logic)

Talking point: The CFTC lawsuit, which accuses Zhao and his company of offering derivatives trading to Americans without proper registration, was the biggest blow to Binance by U.S. regulators to date. The regulator is just one of multiple U.S. agencies that have reportedly investigated Binance for various violations as part of a growing crackdown on the crypto sector. Zhao’s post took aim at the CFTC’s allegation that he is the direct or indirect owner of about 300 accounts that have traded against the platform’s clients, saying he in fact has only two accounts and that Binance prohibits employees from actively trading or profiting from insider information. It also highlighted Binance.com’s efforts to keep U.S. users off the platform through know-your-client checks, IP blocking and other measures.