LONDON : On Monday, the U.S. Securities and Exchange Commission took aim at the most powerful man in crypto.The SEC accused Binance founder Changpeng Zhao of operating a 'web of deception,' charging him and his exchange with 13 offences. These ranged from allegedly manipulating Binance's trading volumes a
LONDON : On Monday, the U.S. Securities and Exchange Commission took aim at the most powerful man in crypto.
Zhao's towering ambitions are now coming up against the concerted efforts of U.S. regulators to rein in a company that they allege has grown to a colossal size by systematically evading U.S. laws. The 46-year-old CEO did not waver in his belief as he builtup his crypto exchange. This year, Zhao felt a major goal wasalmost within his grasp: a seat at the top table of finance.
"Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chair Gary Gensler said. From the company's earliest days, Zhao kept a tight grip on Binance, as a powerful leader committed to secrecy and focused on market domination, a Reuters report last year found.
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