![]() ![]() The exchange had strived through the year to strengthen client checks, it said, developing crypto's "best security and compliance team."īut according to the SEC, Zhao and Binance "consciously chose to evade" U.S. In the review of 2022, Binance hailed its progress in complying with regulations across the world. ![]() That dream is now looking more distant after the SEC's action. "The idea that a five-year-old start-up could mature and operate at the same level as a financial institution that has been around for 200 years was once impossible to fathom," the billionaire wrote in January in a review of the previous year. This year, Zhao felt a major goal was almost within his grasp: a seat at the top table of finance. The 46-year-old CEO did not waver in his belief as he built up his crypto exchange. "We want to take over the entire market!" he told staff in a company chat group that year. exchange, the SEC's actions are limited in reach." Binance said any allegations that user assets have been at risk "are simply wrong."Įver since he launched Binance in Shanghai back in 2017, Zhao dreamt big. In response to the SEC's allegations, Binance said: "We intend to defend our platform vigorously," adding that "because Binance is not a U.S. regulators to rein in a company that they allege has grown to a colossal size by systematically evading U.S. Zhao's towering ambitions are now coming up against the concerted efforts of U.S. Commodity Futures Trading Commission, filed in March, and his exchange has been under investigation by the Justice Department too. The billionaire tycoon already faces charges from the U.S. The complaint further threatens Zhao's vast business empire, which for years has dominated the crypto industry. customers from its unregulated platform to commingling and diverting billions of dollars in customer funds "as they please." These ranged from allegedly manipulating Binance's trading volumes and failing to restrict U.S. ![]() The SEC accused Binance founder Changpeng Zhao of operating a "web of deception," charging him and his exchange with 13 offences. Securities and Exchange Commission took aim at the most powerful man in crypto. In a statement in July last year, the German Public Prosecutor General said that the two men who used Binance were suspected of knowing about the attacks in advance and failing to report them to the police.Īccording to regulatory filings and people with direct knowledge, Binance withheld information about its finances and corporate structure from regulators, even as CEO Changpeng Zhao (趙長鵬) publicly welcomed regulatory oversight.īinance also maintained weak checks on customers, despite concerns raised by senior company figures, and acted against its own compliance department’s recommendations, internal records and messages showed.LONDON, June 5 (Reuters) - On Monday, the U.S. Islamic State later claimed responsibility for the attack. In November 2020, Kutjim Fejzulai, a 20-year-old Austrian who also held North Macedonian nationality, opened fire on crowded bars near Vienna’s main synagogue. Binance’s legal representatives said the BKA asked for further information on June 7, when the company’s compliance team replied that the exchange “did not hold all the information requested as it related to fiat deposits that were processed by vendors.”Ī Binance spokesperson declined to comment on which vendors these were. ![]()
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