operations as it battles the SEC's charges. Weeks later, a court deal allowed the cryptocurrency exchange to continue to U.S. The SEC also sued Binance.US operator BAM Trading Services. The crypto enthusiast, who joined Binance US as CEO in May 2021, signaled a divergence of opinion as the reason for his departure, even as he remained positive in his farewell announcement on Friday. In a statement at the time, SEC Chair Gary Gensler said that Zhao and Binance “engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law" - adding that “the public should beware of investing any of their hard-earned assets with or on these unlawful platforms.” And in June, the SEC accused Binance and its owner of misusing investor funds, operating as an unregistered exchange and violating a slew of federal securities laws.
In March, the Commodity Futures Trading Commission sued the company with charges of numerous exchange violations. and this is an unfortunate example of that."īinance, the world's largest cryptocurrency exchange, and its founder Changpeng Zhao have faced extensive litigation from U.S.
Binance. Securities and Exchange Commission earlier this year, arguing that the agency's “aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences. affiliate is leaving the crypto trading platform amid another round of job cuts. “The actions we are taking provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange," the spokesperson said in a statement.īinance.US also pointed to action taken by the U.S. According to Bloomberg Billionaires Index, Zhao was ranked the 136th-richest person in the world, with a net worth estimated at 13.1 billion as of December 2022. Shroder's departure coincides with the elimination of about one-third of Binance.US’s workforce, with layoffs impacting more than 100 employees. Zhao is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022. Shroder joined the Binance.US as president in September 2021 and was named CEO the following month. The cryptocurrency exchange did not specify when or why Shroder departed, but said that chief legal officer Norman Reed is now serving as interim CEO. affiliate has departed the crypto trading platform amid another round of job cuts.īinance.US CEO Brian Shroder is no longer with the company, a spokesperson confirmed to The Associated Press Wednesday. The company does not claim a set location for its headquarters, with CZ claiming in the past that the firm is based wherever he is at any moment.NEW YORK - The CEO of Binance's U.S. The exchange also said “we abide by all laws in France, just as we do in every other market.” The cryptocurrency industry has lost more than 2 trillion in value in just over a year, the CEO of what was the world’s second largest crypto exchange is facing prison time, and crypto.
Dubai has ramped up enforcement of extradition pacts following a downgrade from global watchdog Financial Action Task Force last year.Ī Binance spokesperson disputed the characterization, saying CZ has a home in France that he uses frequently and that he is still traveling for business. and the United Arab Emirates do not have an extradition treaty, but France and the UAE have had an agreement since 2007. In the U.S., the Securities and Exchange Commission has sued Binance and CZ, accusing them of misleading investors and diverting customer funds. Zhao, commonly known as CZ, had traditionally split his time between Dubai, Paris, and other global cities including in Southeast Asia, but he has avoided traveling to France since the investigation was reported by French media about two weeks ago. Billionaire Binance founder Changpeng Zhao has been bunkered down in Dubai as French prosecutors investigate the world’s largest crypto exchange for alleged money laundering, according to several colleagues who have been in touch with him.
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