The most powerful man in crypto has much to worry about
Changpeng Zhao once said. “I don’t believe human civilisation is advanced enough to live in a world with no rules.”cryptocurrency exchange for alleged violations of derivatives regulations, the world is finding out how the most powerful man in crypto responds when he himself is the one being accused of breaking the rules.
A Binance spokesman called the CFTC’s actions “unexpected and disappointing”, saying the company had “made significant investments over the past two years to ensure we do not have US users active on our platform”, including more money spent on compliance tools and increased staffing in that area. The firm intends “to continue to collaborate with regulators in the US and around the world.
Among other things, the complaint seeks a permanent injunction to stop Binance from continuing to commit violations and prohibit the defendants and related parties from trading digital assets and other commodities. It also seeks to recoup trading profits, revenues, salaries and other money derived by Binance as a result of the violations.
The blog post suggests Binance is ready to dig in for a legal fight. In the meantime, it continues to cultivate its global operations in international market hubs that are more friendly to crypto. On Wednesday, the first day of the Muslim holy month, it linked to a video interview with CZ himself. In that conversation, CZ said he is now based in the Middle East, without naming Dubai specifically, and praised what he called the region’s business-friendly atmosphere. He also acknowledged some regrets.“With hindsight, there’s a lot of things we would do differently,” he said. “We probably would have, should have, engaged with the regulators globally a lot earlier.
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