However, Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, said the US and its “partners remain committed to combatting the DPRK’s illicit revenue generation activities.” The agency made no mention of Binance in the announcement. In a separate statement, the Department of the Treasury’s Office of Foreign Assets Control announced that it has sanctioned four entities and one individual engaged in “malicious cyber activities that support the Democratic People’s Republic of Korea (DPRK) Government.” rules and regulations.”ĭecrypt has previously reported on Binance’s multiple compliance shortcomings, which have raised the ire of regulators in the United Kingdom, Italy, Malaysia, Singapore and many other jurisdictions.We proactively took action against accounts connected to these individuals over a year ago, in compliance with lawfully served warrants and in collaboration with law enforcement. customers with products and services that adhere to U.S. spokesperson said simply, “Binance.US was founded specifically to serve U.S. we are a very different company today when it comes to compliance.” The U.S. The Journal secured statements from both Binance and Binance.US, the former responding that "did not have adequate compliance and controls in place during those early years. "Send me 2-5 bullet points of what we think CZ/Wei should know about your work." "Everyone please post your weeklies before tonight 7 pm est/4 pm pst so we can be in the good graces of Wei," she reportedly posted on Telegram. It was Zhao who eventually diagnosed where the mistake was made: "a guy here in Shanghai."Ĭatherine Coley, the first CEO of Binance US, was quoted as declaring that "we are a very separate entity" and "we are simply licensing software" to the public, but telling members of her team internally that they were also reporting to Binance executives "CZ/Wei"-Zhao and then-CFO Wei Zhou. In a separate instance, the Journal reported that a Binance employee launched trading on Binance.US early, causing panic in the group chat. “If I were an AG, I would cite this as evidence," he continued. An employee fretted on Telegram that the error could be used as proof of "corporate veil piercing." When Binance.US was preparing to onboard new customers, an employee mistakenly created a Google Form using an account under the international company, reportedly causing a stir as the team tried to change the form's attribution from to Binance.US. The Journal said a company compliance officer suggested on Telegram, "Have them be creative and VPN." ![]() ![]() businesses, with more than 18% of page views on coming from U.S. That company, however, was reportedly controlled by Zhao.īinance struggled to separate its global and U.S. ![]() Citing an internal presentation titled "Insulate Binance from US Enforcement," the Journal noted that Binance wanted to stress that Binance.US-established in 2019 under a a Delaware company named BAM Trading Services Inc.-was merely a company that would license Binance’s technology and brand. He was granted a five-year term five days later-through 2026.Ī central concern of Binance was staying out of the crosshairs of U.S. Of meetings with Gensler, Zhao reportedly wrote, "While Gensler declined advisor-ship, he was generous in sharing license strategies.”Īnother employee messaged that Gensler was "likely back in a regulators seat if Dems win the 2020 election." After President Joe Biden was elected, Gensler served on his transition team and was ultimately nominated and confirmed by the Senate to chair the SEC in April 2021. The Journal cited company documents and interviews with former employees, but also quoted from a group chat among key members of the Binance team, including Zhao. Binance-by far the world's largest crypto exchange-was also among many firms that sought to bring Gary Gensler into the fold as an adviser while he was teaching at the Massachusetts Institute of Technology, the report said, as many as two years before Gensler became chairman of the Securities and Exchange Commission.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |