![]() The protesters also demanded democratic reforms, including freedom of the press and speech. That was the day of the Tiananmen Square massacre, military suppression of student-led demonstrations against corruption in the Chinese Communist Party. For those who know Chinese history, this is two months after the events of June 4, 1989." In his Binance blog post, Zhao recalled, " my mother and I left China and emigrated thousands of miles away to Canada. On August 6, 1989, when Zhao was 12, he moved with his parents to Canada, fleeing from political repression. Shortly after Zhao's birth, he was exiled to rural areas as a "pro-bourgeois intellect." His father, Shengkai, worked as a professor at the University of Science and Technology in Hefei - a leading educational institution in the country. Zhao was born in 1977 to a couple of teachers living in the Jiangsu province of China. He has built a stellar career in the West without the advantages enjoyed by wealthy second-generation immigrant families. Changpeng Zhao's early life and educationĪ Canadian citizen who has lived in China, Hong Kong, and Singapore, Zhao prefers to be perceived as a typical "global citizen". Learn more about the charismatic man behind the world's biggest crypto exchange, the BNB coin, and BNB Chain. The rise of Binance was spectacular, and its CEO has handled every obstacle with aplomb. rules by offering unregistered futures and options contracts to American traders.Changpeng Zhao, known as CZ, has gone from obscurity to crypto billionaire in less than one year. The SEC’s action comes a few months after the CFTC filed a lawsuit against Binance and Zhao as well for allegedly evading U.S. ![]() Grewal, director of the SEC’s enforcement division, said in a statement. “We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk,” Gurbir S. The SEC claimed that the operation was part of Binance and Zhao’s plan to “shield themselves from U.S. authorities have asserted jurisdiction – only compounds these problems.” “Unilaterally labeling certain tokens and services as securities – even ones over which other U.S. “Today’s action is another in a line of examples where, as with other crypto projects facing similar suits, the Commission has determined to regulate with the blunt weapons of enforcement and litigation rather than the thoughtful, nuanced approach demanded by this dynamic and complex technology,” Binance stated in its blog post. The SEC also alleges that cryptocurrency BNB and stablecoin BUSD are securities. The charges also included misleading investors about Binance’s systems to detect and control manipulative trading regulators say that the exchange didn’t take proper steps to restrict U.S.-based investors from accessing its platform. The filing states that in December 2018, Samuel Lim, Binance’s CCO at the time, said to another compliance officer, “we are operating as a fking unlicensed securities exchange in the USA bro.” ![]() The international exchange claimed in a post on Monday it actively cooperated with the SEC’s investigations and recently engaged in discussions to reach a “negotiated settlement to resolve their investigations,” however the SEC “abandoned that process and instead chose to act unilaterally and litigate.” Separately, Binance.US tweeted that it thinks the SEC “lawsuit is baseless” and called for action from the crypto industry to push back against the claims. However, behind the scenes, Zhao and Binance were allegedly “intimately involved” in directing the trading entity’s business operations and providing crypto-related services to the Binance.US platform, which claims it’s an independent exchange, according to the filing. “Zhao and Binance created BAM Management and BAM Trading in the United States and claimed publicly that these entities independently controlled the operation of the Binance.US platform.” The regulator filed 13 charges against the defendants.īinance and BAM Trading were under Zhao’s leadership and control and operated without registering with the SEC, the agency stated. The SEC is accusing Binance, the world’s largest crypto exchange, its CEO Changpeng Zhao and BAM Trading and BAM Management, of lying to regulators about its operations, according to a federal suit filed Monday.
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