![]() Last week, Brian Armstrong, the billionaire founder of crypto exchange Coinbase, lost around half a billion dollars from his wealth after the firm revealed the US markets regulator was mulling taking enforcement action against it over possible security law violations. The Commodity Futures Trading Commission (CFTC) is suing Binance CEO Changpeng Zhao and his crypto empire for allegedly violating US trading and derivatives laws. Binance CEO Changpeng Zhao joins CNBC’s ‘Squawk Box’ to discuss how the company is working to avoid a major fallout similar to the crypto exchange FTX. During that time I have visited second-hand shops and markets around. It comes as crypto firms including Binance face increasing scrutiny by regulators over their operations and procedures. This thesis concludes a three-year research project on values in second-hand markets. law, including by assisting and instructing customers located in the United States to evade the compliance controls Binance purported to implement.” “Zhao, Lim, and other members of Binance’s senior management have failed to properly supervise Binance’s activities and, indeed, have actively facilitated violations of U.S. This entity was found responsible for inflating the. counterpart, Binance.US, and an entity owned by Zhao, the CEO. Securities and Exchange Commission sued crypto exchange Binance, the operating company for Binance.US and Binance founder and CEO Changpeng 'CZ' Zhao on allegations of. Zhao has stated that Binance’s headquarters is wherever he is located at any point in time, reflecting a deliberate approach to attempt to avoid regulation.” REUTERS/Darrin Zammit Lupi In October, some 570 million worth of cryptocurrency traded on Binance was stolen in a blockchain hack, according to the New York Times. Furthermore, it claimed that the CEO of Binance was covertly controlling its U.S. The regulator added: “Binance purposefully obscures the identities and locations of the entities operating the trading platform. ![]() “But Binance, Zhao, and Lim have all chosen to ignore those requirements and undermined Binance’s ineffective compliance program by taking steps to help customers evade Binance’s access controls.” “All the while, Binance, Zhao, and Lim, the platform’s former Chief Compliance Officer have each known that Binance’s solicitation of customers located in the United States subjected Binance to registration and regulatory requirements under U.S. ![]()
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