Key takeaways
- Events leading up to the arrest of Binance”s CEO Changpeng Zhao (CZ), show the exchange couldn’t escape US regulators.
- Following the departure of CZ, the company will continue under the leadership of Richard Teng, Binance’s former global head of regional markets.
- While the company has a hefty $4.3 billion fine to pay, it doesn’t rule out the possibility that US authorities believe it is too big to fail.
Like many crypto companies, Binance is no stranger to regulatory problems. The exchange, which is available in about 100 countries, has faced regulatory pushback many times from different governments.
The UK government said in 2021 that it was operating without approval. Japan also accused it of the same thing that same year. The exchange kept facing pushback in countries like Malaysia, South Korea, Germany, and even Nigeria.
However, the US has been the biggest torn in Binance’s flesh.
From paying a hefty fine of $4.3 billion to ousting its CEO, CZ, Binance’s troubles in the US have dealt the company a major blow, one that will see CEO Zhao do jail time.
But how did it all happen, and what does the future hold for Binance? This…
Bolu Abiodun
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https://techpoint.africa/2023/11/27/events-leading-up-to-the-arrest-of-binances-ceo/
