LONDON - On Monday (June 5), the US Securities and Exchange Commission (SEC) took aim at the most powerful man in crypto. The SEC accused Binance founder Zhao Changpeng of operating a 'web of deception', charging him and his exchange with 13 offences. These ranged from allegedly manipulating Binance's trading volumes and failing to restrict US customers from its unregulated...
LONDON - On Monday , the US Securities and Exchange Commission took aim at the most powerful man in crypto.
The complaint further threatens Zhao's vast business empire, which for years has dominated the crypto industry. In response to the SEC's allegations, Binance said: "We intend to defend our platform vigorously," adding that "because Binance is not a US exchange, the SEC's actions are limited in reach."Ever since he launched Binance in Shanghai back in 2017, Zhao dreamt big.The 46-year-old chief executive did not waver in his belief as he built up his crypto exchange. This year, Zhao felt a major goal was almost 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. The tycoon, known by his staff and online followers by his initials CZ, has crisscrossed the globe in his quest for success, working in Tokyo and New York before moving to Shanghai, where he embraced crypto and founded Binance in 2017.Binance became the world's biggest crypto exchange within six months, and now accounts for about 60 per cent of global crypto trading volumes, according to research firm CCData.
Co-founder Yi He now runs Binance's US$7.5 billion venture capital arm, as well as other key departments. Zhao tasked his Chinese-born head of back office Chen Guangying with managing the company's finances.
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