10/13/2023 0 Comments Cz binance owner![]() ![]() In addition, Binance says that “any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong” and that “all user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary.” Accusations of self-dealingĪs an unregistered exchange, the SEC has limited ability to oversee Binance’s operations, and the agency alleges that this enabled CZ to do what he wished with customer assets that were stored on the platform. “As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied,” he added.īinance responded to the enforcement action in a blog post in which it chided the regulator for bringing the complaint after Binance “engaged in extensive good-faith discussions to reach a negotiated settlement to resolve their investigations.” “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chairman Gary Gensler said in a Monday statement. The failed Signature Bank's 24/7 payment tool, Signet, which was a key financial conduit for the crypto industry, is a white-label product made by an enterprise blockchain firm.The complaint also alleges that Zhao, known in the crypto world as “CZ”, exercised control over customer assets and commingled them with personal and company holdings. The Winklevii made a $100 million loan to Gemini from their personal fortunes after their troubled firm failed to raise outside funding. The feature is only available to subscribers-please consider supporting Fortune’s quality business journalism. ![]() That said, the tale of the forces behind Binance’s remarkable rise is well worth a read. After all, the most recent great narrative in crypto-about a Stanford-born whiz kid who believed in effective altruism-fooled all of us badly. It’s not hard to imagine how such an experience could shape a future CEO.Īs I said, Zhao’s life and career are a nice story-though one that should not inform our opinions about Binance and its controversial business practices. If you want to add a psychological layer to the story, Zhao conveyed a sense of pain when recounting to us how his aloof father didn’t attend a single one of his volleyball games. Zhao told me that his father’s experience-along with reading the personal finance bestseller Rich Dad Poor Dad-taught him to seek a different path. Despite being a brilliant academic, the senior Zhao remained on the periphery of the university world due to the oppression he encountered during the Cultural Revolution, and then later due to his poor English skills. The other big factor that shaped Zhao is that same father. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |