The present SEC chair had rejected the offer to serve as an adviser to Binance, as per WSJ Binance reportedly has been “much more intertwined” with its American affiliate than it has disclosed Binance – the world’s largest crypto exchange – sought to onboard Gary Gensler, the current Chairman of the U.S Securities and Exchanges […]
. Moreover, the report claims that the global crypto exchange possibly had access to Binance.US’ customer data. This was because the global exchange’s team maintained the code supporting Binance.US’ customers’ crypto wallets.
The interlink between both platforms was witnessed when an employee based in Shanghai launched the trading services for Binance.US before launch time. The incident reportedly occurred in September 2019. The WSJ report also claims that the global crypto exchange sought ways to allow US customers to continue derivative trading. This was despite Binance announcing it would discontinue services to US-based traders.
In June 2019, Samuel Lim – former Compliance Chief – suggested letting users “be creative and VPN.” And, notably, Binance Academy published a now-deleted guide on using VPNs in 2020. Moreover, the report claims that Catherine Coley – the first CEO of Binance.US – had asked her staff to send weekly reports. This was in order to forward them to CZ and Wei Zhou – former Chief Finance Officer.
Coley had also directed her staff to enquire about work matters that required access, answers, and funding from Shanghai. This instruction was provided just before staff from both firms went on a retreat to South Korea in January 2020. Moreover, WSJ claims that Binance overlooked some parts of its American affiliate’s budget, based on Telegram messages.Subscribe to get it daily in your inbox.
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