SEC Probes Binance US Over Transfers to Firms Tied to CZ Zhao

Binance US received questions from SEC about money transfers between affiliates
$250M loan from BAM Management to CZ Zhao, used to buy BUSD from Paxos
BUSD converted to USD and sent to BAM Trading
SEC investigating links between Binance US and global Binance exchange
Previous reports of Binance US sending $400M to firm managed by CZ Zhao

decrypt.co

Relevant topic timeline:

8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

- Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange's U.S. offshoot earlier this year. - The decision to liquidate the company was put to a vote by the Binance.US board of directors, but it did not receive unanimous support. - Binance.US CEO Brian Shroder opposed the decision, expressing concerns about the potential negative impact on customers. - The attempted shutdown highlights the lengths Zhao was willing to go to protect the larger global exchange amid increasing regulatory scrutiny. - Binance.US had received a $4.5 billion valuation from investors last year.

8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

8/2/2023

Why CZ Wanted to Shut Down Binance.US

- Changpeng Zhao, CEO of Binance, is determined to sever all ties with the U.S. - Zhao has reportedly pushed to shut down Binance.US, the American branch of the global exchange. - This decision highlights Zhao's commitment to preserving the reputation of Binance, the world's largest exchange. - Binance.US declined to comment on the matter.

8/24/2023

CZ Responds to Allegations of Binance Dumping Bitcoin to Defend BNB

Binance CEO Changpeng Zhao dispelled rumors of internal chaos at Binance, explaining that the exchange is not selling its Bitcoin stash to protect the price of its native token, BNB, and that Binance did not fund BNB Chain's recent loan repayment.

9/15/2023

Binance CEO Downplays Management Shakeup at Binance.US Amid Regulatory Scrutiny

Binance CEO Changpeng Zhao denies speculation surrounding the departure of Binance.US CEO Brian Shroder, stating that he is taking a break following a successful tenure at the company amid lawsuits from the SEC and CFTC, and assures that Binance has no liquidity issues.

Topics

Posted 9/19/2023, 11:39:33 PM

SEC Probes Binance US Over Transfers to Firms Tied to CZ Zhao

Binance US received questions from SEC about money transfers between affiliates
$250M loan from BAM Management to CZ Zhao, used to buy BUSD from Paxos
BUSD converted to USD and sent to BAM Trading
SEC investigating links between Binance US and global Binance exchange
Previous reports of Binance US sending $400M to firm managed by CZ Zhao

decrypt.co

Relevant topic timeline:

8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

8/1/2023

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

8/2/2023

Why CZ Wanted to Shut Down Binance.US

8/24/2023

CZ Responds to Allegations of Binance Dumping Bitcoin to Defend BNB

9/15/2023

Binance CEO Downplays Management Shakeup at Binance.US Amid Regulatory Scrutiny