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24 November 2020

Binance CEO denies allegations that the exchange’s US arm is a regulatory decoy

Binance CEO denies allegations that the exchange’s US arm is a regulatory decoy


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Changpeng Zhao, CEO of Binance, is pushing back hard against allegations that the crypto exchange set up its U.S.

The document states that in 2018 — prior to the launch of Binance.US — the crypto exchange intended to set up a “Tai Chi entity” in the U.S.

“While the then-unnamed entity set up operations in the United States to distract regulators with feigned interest in compliance, measures would be put in place to move revenue in the form of licensing fees and more to the parent company, Binance,” stated Castillo.

In a response made roughly an hour after the article’s publication, Changpeng Zhao, or CZ, disputed many of the claims, stating that the source — the leaked document — was “not produced by a Binance employee.” Castillo believed that former employee Harry Zhou created the presentation.

CEO Catherine Coley has claimed there are no ownership ties to Binance — CZ himself called Binance.US “a standalone marketplace” — but Castillo reported the leaked document stated BAM would continue to “license trading and wallet technology” from the crypto exchange

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