Seeing Xu Mingxing cursing Zhao Changpeng and mentioning the lawsuit filed by CFTC, https://www.cftc.gov/ The original text can be found in CFTC, and I asked ChatGPT to translate it into Chinese and read it. I have extracted the section on self operated accounts. It is recommended to read the full text, as it also mentions 2000 VIP accounts. Zhao Changpeng said that without these 2000 VIP accounts, Binance would lose 80% of its trading volume. Are these 2000 accounts the teachers of Yongyin? In extreme market conditions, others may trade, but you can still trade. No wonder you can make money. E. Binance's trading activities and proprietary accounts During the relevant period, Binance not only served as a trading platform for third-party clients, but also actively participated in proprietary trading activities on its own platform through a company entity controlled by Zhao Changpeng. According to the CFTC investigation, Zhao Changpeng directly or indirectly controls at least two companies primarily engaged in proprietary trading: Merit Peak Limited (registered in the British Virgin Islands); Sigma Chain AG (registered in Switzerland). 64. These two companies execute a large number of orders on the Binance platform, transact with ordinary customers, and have not disclosed their affiliations with Binance and Zhao to the public. Zhao also directly or indirectly controls approximately 300 Binance platform accounts, which are used for internal hedging, liquidity provision, price manipulation, and profit purposes. 66. Internal communication within Binance shows that the management and technical team are fully aware that these accounts belong to entities controlled by Zhao. Zhao stated during a meeting: We need some 'internal liquidity' accounts that can both stabilize the market and make money In his response, Lin said, "We need to be careful not to let these accounts raise audit suspicions According to CFTC investigation, Merit Peak and Sigma Chain have special access privileges, including: • Obtain undisclosed transaction data and order flow information; • Access new coin launch and leverage adjustment information in advance; • Exemption of some transaction fees; • Enjoy system priority execution during extreme market volatility. 69. Such behavior has given Zhao and its controlled entities an unfair competitive advantage and may manipulate prices and mislead market liquidity. Binance did not disclose its relationship with these accounts to the public, but instead declared to investors, "Binance will not participate in any user transactions, nor will it compete with users In fact, Zhao has repeatedly instructed the team internally to use Merit Peak's account for "strategic buying" to support the coin price. For example, in the early stages of the launch of certain new coins, Merit Peak will immediately issue a large number of buy orders to create a false market demand. 72. These transactions have not been publicly disclosed, and some of their actions are suspected of violating the anti manipulation and fraud provisions under the Commodity Exchange Law. 73. The CFTC points out that the operational purposes of Binance's proprietary accounts include: Price intervention: influencing market sentiment by synchronously placing orders; • Liquidity manufacturing: artificially increasing trading volume data; Profit transfer: Transfer profits to offshore entities controlled by Zhao. In a June 2021 email, an executive warned Zhao: If regulators discover that these accounts are related to you, they will consider Binance to be manipulating the market Zhao replied, "As long as we don't write it out in public documents, they won't be able to prove it The CFTC investigation also found that Binance's risk control system was deliberately set up to exclude monitoring of Merit Peak and Sigma Chain. Lin approved the exception, saying, "They are our people In addition, Zhao also conducted cross platform arbitrage and fund transfer through these self operated accounts, transferring some profits out of Binance and into personally controlled wallets. 77. Zhao and his affiliated companies illegally profited hundreds of millions of dollars through the aforementioned actions, while also misleading ordinary investors and regulatory agencies. The CFTC believes that these actions violate Section 6 (c) (1) of the Commodity Exchange Act and related anti manipulation provisions (17 C.F.R. § 180.1), constituting fraudulent and manipulative trading conduct.