The memo and rebuttals on Twitter came on the back of a record number of net daily Bitcoin and Ether token outflows from Binance on Tuesday. Binance was one of the exchanges hit by large outflows on Tuesday, which have since started to show signs of easing. He added that FTX’s recent collapse has brought with it “a lot of extra scrutiny and tough questions” on his firm, referring to reports this week on customer withdrawals.įTX’s shock collapse has rocked investor sentiment and prompted some traders to take control of their tokens, causing outflows at other exchanges. “While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it,” he wrote in the memo seen by Bloomberg. An unconfirmed number of layoffs was seen at the company following the SEC's June suit, according to Reuters.īinance.US maintains that it operates independently from Binance, but Zhao is the majority owner for both.In a memo sent to staff, CZ, as the founder of the world’s largest crypto exchange is known, said the industry for digital assets is going through “a historic moment” and that Binance is in a strong financial position and “will survive any crypto winter.” affiliate has departed the crypto trading platform amid another round of job cuts. This week’s job cuts are not the first seen at Binance.US this year. The Associated Press NEW YORK - The CEO of Binances U.S. operations as it battles the SEC's charges. Weeks later, a court deal allowed the cryptocurrency exchange to continue to U.S. The SEC also sued Binance.US operator BAM Trading Services. Binance.US, a subsidiary of Binance Holdings, has witnessed several high-level executive departures recently amidst legal challenges from both the U.S. In a statement at the time, SEC Chair Gary Gensler said that Zhao and Binance “engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law" - adding that “the public should beware of investing any of their hard-earned assets with or on these unlawful platforms.” Binance CEO Changpeng Zhao (CZ) has addressed speculation surrounding the departure of Binance.US CEO Brian Shroder, emphasizing that Shroder is simply taking a well-deserved break following a successful tenure with the company. And in June, the SEC accused Binance and its owner of misusing investor funds, operating as an unregistered exchange and violating a slew of federal securities laws. In March, the Commodity Futures Trading Commission sued the company with charges of numerous exchange violations. and this is an unfortunate example of that."īinance, the world's largest cryptocurrency exchange, and its founder Changpeng Zhao have faced extensive litigation from U.S. During the call, Zhou presented the proposal to the CEO.
Securities and Exchange Commission earlier this year, arguing that the agency's “aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences. Binance CEO Zhao’s personal assistant arranged a video call with Harry Zhou and the group of Binance executives in early November 2018. Many monero people are assuming that you actually have not enough. The Economist explains Who is Changpeng Zhao, the chief executive of Binance The qualities that have made crypto’s Teflon Man a success could soon land him in trouble Nov 16th 2022 T HE.
Binance CEO: Yes, thats it This is simply not true. Your team is explaining it with network congestions.
So some users may sometimes have difficulty with coins withdrawals. “The actions we are taking provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange," the spokesperson said in a statement.īinance.US also pointed to action taken by the U.S. Binance CEO: In such large exchanges (like Binance), there are too many transactions - when market moves. Shroder's departure coincides with the elimination of about one-third of Binance.US’s workforce, with layoffs impacting more than 100 employees.
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