Cz binance ceo1/17/2024 boss was appointed by Zhao, according to four people who worked at Binance.US. compliance team quit by mid-2022 after a new U.S. This year, Binance.US’s compliance operation has been in turmoil. An adviser, in a message to Binance executives, described the U.S. exchange – called Binance.US – was a “fully independent entity.” In reality, Zhao controlled Binance.US, directing its management from abroad, according to regulatory filings from 2020, company messages and interviews with former team members. The new exchange would draw regulators’ attention away from the main platform by serving as a “regulatory inquiry clearing house,” according to the proposal. Executives went on to set the plan in motion, company messages show. authorities by setting up a new American exchange. It shows that in 2018, Zhao approved a plan by lieutenants to “insulate” Binance from scrutiny by U.S. The reporting includes interviews with around 30 former employees, advisers and business partners and a review of thousands of company messages, emails and documents dated between 2017 and early 2022. Now, new reporting by Reuters reveals fresh details about Binance’s strategy for keeping regulators at arm’s length and continuing disarray in its compliance programme. Binance called such requests a “standard process” and said it works with agencies worldwide to address their questions. Justice Department had been pursuing a money laundering investigation into Binance, seeking extensive records on Binance’s policies and the conduct of Zhao and other top executives, Reuters reported on Sept. 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. WASHINGTON, DC – As 2022 dawned, Changpeng Zhao was riding high.
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