He told customers in a blog post in January that Binance “embraces regulations” and “has always worked collaboratively with regulators all over the world.”īehind the scenes, however, trouble loomed.įor at least a year before that post, the U.S. But the Chinese-born billionaire, known to staff and fans by his initials, CZ, had that covered. True, global authorities were scrutinising crypto exchanges ever-more closely. In less than five years, the founder and chief executive of Binance had turned his young company into the world's largest crypto exchange, accounting for more than half the trading in the trillion-dollar market. "We are a much stronger company today than we were two years ago, I think," Zhao said.WASHINGTON, DC – As 2022 dawned, Changpeng Zhao was riding high. Last week, during a Twitter Spaces, Zhao shrugged off naysayers, saying that Binance is “way ahead of the game in terms of regulatory compliance.” Zhao accused his critics of attempting to paint Binance as another FTX.ĭespite this latest executive departure and its legal troubles with the SEC, Binance remains the world's largest cryptocurrency exchange by volume. Last month, Binance announced the appointment of Kristen Hecht as the company’s new compliance and money laundering reporting officer. In June, amid continuing SEC troubles, Binance US transitioned to a “crypto-only” platform after announcing it would suspend dollar deposits and temporarily halt fiat (USD) withdrawals. In December, during a Senate Committee on Banking, Housing, and Urban Affairs hearing, O’Leary, a former ambassador and equity holder for Sam Bankman-Fried’s FTX, accused Binance of deliberately causing the collapse of the defunct cryptocurrency exchange after Zhao said on Twitter that Binance would liquidate its FTX FTT token positions in November. “Shark Tank” star and entrepreneur Kevin O’Leary predicted the SEC’s lawsuit would starve Binance of oxygen. “We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk-all in an effort to maximize their own profits,” the Director of the SEC’s Division of Enforcement, Gurbir S. securities rules-including selling unregistered crypto assets and failing to restrict U.S. Securities and Exchange Commission, which accused the cryptocurrency exchange and its CEO of violating U.S. In June, Binance entered a legal battle with the U.S. All customer funds are #SAFU, and 100% reserved.” All withdrawals (and deposits) are properly handled. “Guess what we don’t have? No liquidity issues. “There have been a lot of negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs, employee turnover, exit markets, etc.,” Zhao wrote on Twitter. Shroder took over the role of CEO of Binance US in September 2021 after the departure of then-CEO Brian Brooks and the firm's first CEO, Catherine Coley, earlier that year. While Binance US does not have the volume of its parent company, it allows US citizens access to the Binance brand when they would otherwise be cut off due to legal restrictions.īinance has lost other top executives this year, including global head of product Mayur Kamat, general counsel Hon Ng, chief strategy officer Patrick Hillmann, and SVP for compliance Steven Christie. Launched in 2019, Binance US is the Florida-based U.S.
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