Binance Announces New 30% Staking

Everyone in the crypto market knows this well: the examinations of financial regulators in the United States and the United Kingdom are particularly thorough and rigorous. Binance, the largest crypto exchange company in the world, however, emerged unscathed from these examinations. Reuters finally unveils the schemes of the CEO of the platform and his collaborators to brilliantly circumvent the American and British regulators.

Reuters uncovers plots by Binance CEO and aides to keep regulators at bay

Binance keeps regulators at bay: Reuters launches investigation into its schemes

Reuters is one of the largest news agencies in the world. For the past few months, he has taken a particular interest in the affairs of Binance and financial regulators. The proof, he published a series of articles on this crypto exchange company this year.

In one of his articles, Reuters confirms money laundering investigation into Binance. This is a legal proceeding initiated by the US Department of Justice. His goal is to build detailed dossiers not only of Binance’s policies, but also of the conduct of Zhao and his aides. For the CEO of Binance, the multiple requests and the investigation by the US Department of Justice naturally fall under a “standard process”.

Other Reuters articles chronicle how Zhao boosted the platform’s growth. At the same time, he knew how to keep control over weak clients while retaining essential information.

Zhao’s tactics to outwit regulators: Reuters reveals new information

The latest reports from Reuters reveal new insights into Binance’s strategy to dodge regulators. A report that simultaneously reveals how the platform is coping with its continued disarray in its compliance program.

This Reuters report includes interviews with:

  • about thirty employees;
  • counselors ;
  • business partners of the company.

This famous report is also the result of a careful examination of thousands of messages, e-mails and company documents. These date from 2017 until early 2022.

The report states that in 2018, Binance’s CEO approved a plan to “insulate” the platform from harsh scrutiny by US authorities and regulators by creating a new exchange. The purpose of this maneuver was to distract regulators.

In public, Zhao said that this new exchange is called Binance US and that it is a “fully independent entity”. Which is not the case at all. According to 2020 regulatory filings, company posts, and former Binance team members, Zhao was indeed controlling the new exchange from overseas.

Reuters is taking a close interest in this case of Binance and financial regulators. His investigations show that Zhao and his collaborators managed to thwart the regulators by creating a new American exchange: “Binance US”. Something to watch closely…

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts