Reuters previously reported that this American firm, BAM Trading, was in fact controlled by Zhao and managed by Binance as a de-facto subsidiary. exchange in 2019 to serve American customers in compliance with U.S. customers even after the company, in partnership with a purportedly independent American firm, launched a U.S. ![]() The CFTC's complaint detailed Binance's efforts to retain U.S. The CFTC charged the holding company and two other Binance units.īinance did not require customers to submit information verifying their identity before trading and "failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering," the CFTC said. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange. Trading volumes hit $34 trillion in 2021, Zhao said last year. Its core exchange processed trades worth about $23 trillion last year, according to data provider CryptoCompare. ![]() 'PIRATE SHIP'įounded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. The fourth item on the list was "Ignore FUD, fake news, attacks," using an acronym for "fear, uncertainty and doubt" often used in crypto in relation to news perceived as negative. In a tweet on Monday afternoon, Zhao wrote "4" - a reference to a previous post listing his "Do's and Don'ts" for 2023. REUTERS/Benoit Tessier Acquire Licensing Rightsīinance's cryptocurrency BNB, the world's fourth largest by market size, dropped around 4% on the news. ![]() Brook’s departure, which coincided with the intensification of the investigation, added to the concerns.Zhao Changpeng, founder and chief executive officer of Binance, at the Viva Technology conference in Paris, France June 16, 2022. Despite this, Binance’s founder and CEO, Changpeng Zhao, owns the bulk of the company’s shares. Reservations over the company’s lax regulations and measures of consumer protection and anti-money laundering prompted the crackdown.īinance.US has always said that it is separate from the main exchange because its service is solely available to residents of the United States. “In my short time with Binance.US, I have already seen the tremendous potential the company has for rapid growth in the United States…It is truly a privilege to work with the talented team that has built Binance.US into the innovative platform it is today, and I look forward to growing our team further as we continue to expand our products and services and begin our initial first steps on our pathway to IPO”, stated Shroder in the blog post announcing his appointment to CEO.īrian Brooks’ decision to step down came as, the top exchange platform, was under heavy examination from regulators around the world this year, including the United Kingdom, Germany, Japan, and Hong Kong, inter alia. While former CEO Brian Brooks stated that going public was not in the plans of Binance anytime soon, Brian Shroder wants to achieve an Initial Public Offering (IPO). There is quite a difference between the visions of the former Brian and current Brian in terms of what the future of Binance holds. In light of the structural changes in Binance, Eric Segal has been appointed as Interim Chief Financial Officer (CFO) due to the current CFO Joshua Sroge preparing to leave the company as well. The responsibilities of Shroder in his previous position included financing, corporate and business development, strategy and execution, HR, legal department, and product and technology departments as well. Shroder had already been a member of the Binance.US team as the former President, according to the crypto exchange platform’s community statement. ![]() Binance has finally introduced its newest CEO after the sudden resignation of former CEO Brian Brooks.īinance.US confirmed the introduction of Brian Shroder as its new Chief Executive Officer (CEO) after the abrupt and contentious departure of its former CEO Brian Brooks.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |