The crypto world's rock star boasts of 3.9 million followers on Twitter, where he is known plainly by his initials, CZ.Īlso Read: UK financial regulator bans cryptocurrency exchange Binanceīorn in China, Zhao moved to Canada with his parents when he was 12 years old, he said.Īfter studying computer science, Zhao worked in New York and Tokyo at financial companies, comprising Bloomberg LP, where he developed software for futures trading. The crypto exchange had in August said on its website that it had made user identity checks compulsory to thwart the use of the exchange for illegal money flows.Īccording to Zhao, Binance has 3,000 employees across the world. Zhao further stated that Binance is in the process of establishing local offices and a headquarters, measures he earlier disregarded as outdated but that regulators want. "In order to attract those 98 per cent of people, we need to be regulated," he said. However, "if you look at cryptocurrency adoption world-wide today, it's probably less than 2 per cent "of the population," Zhao noted. "We run a very legit business," he stated, adding that it has grown promptly because users trust it. Whilst, Binance founder and Chief Executive, Changpeng Zhao acknowledged in a recent interview that the crypto exchange needs to fall into line with regulators across the world, which comprises securing proper licenses from the concerned governments. ![]() The Department of Justice is also scrutinising if the crypto exchange has fostered money laundering, a former executive said, the report added. Meanwhile, the Securities and Exchange Commission (SEC) is inquiring into how Binance operates in the US, where it has several state licenses, according to a former executive, the report stated. Since the crypto exchange has no official headquarters, many investors are finding it difficult to decipher how and where to take it to the court.Īlthough Binance is paramount to the crypto ecosystem, its legal troubles could have an immense negative impact on cryptocurrency prices.įinancial regulators, specifically, have been increasingly worrying that digital assets have thrived so swiftly that they now are systemically important.Īlso Read: Crypto products, funds saw record inflows last week: CoinShares reportīank of England official Jon Cunliffe, in his October speech, raised the 2008 subprime-mortgage-fueled crisis, and said about crypto, "When something in the financial system is growing very fast, and growing in largely unregulated space, financial stability authorities have to sit up and take notice." Not just financial regulators but many investors are also likely to partake in proceedings against Binance, claiming damages for the money they lost during a major outage. ![]() The crypto exchange is facing legal troubles across the globe in countries such as Italy, Japan, Canada, Cayman Islands, Thailand, Malaysia, the UK, the USA, South Africa, and Singapore. The years of predominantly unrestrained, unregulated growth for Binance particularly and the cryptocurrency industry largely are coming to an end. Also Read: Binance Smart Chain rolls out $1 bn fund to fast-track blockchain tech adoptionīinance processes more trades for cryptos of the likes of Bitcoin and Ethereum each day, $76 billion worth, than its four biggest rivals put together, as per data provider CryptoCompare, The Wall Street Journal reported.
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