Saturday, November 28, 2020
No menu items!
  • News
  • Cryptocurrency
  • Contact Us
More

    CZ Binance Reacts to Report Regarding Rumored FBI Investigation and Regulatory Evasion

    Must Read

    Bitcoin (BTC) Will Be Bigger Than Apple, Amazon, and Facebook –MicroStrategy CEO Michael Saylor

    The chief executive officer of MicroStrategy, Michael Saylor, has highlighted the reason why his company decided to purchase hundreds...

    This New Proposal Suggests How Ethereum Would Transition into PoS without Unnecessary Complexity

    As the much-anticipated upgrade of the Ethereum network to proof-of-stake (PoS) protocol draws near, developer Mikhail Kalinin has published...

    CEO of Global Macro Investor Raoul Pal Says He’s Developing an Interest in XRP

    The founder/CEO of Global Macro Investor and Real Vision Group, Raoul Pal, has some hours ago stated that he’s...
    Tobi Loba
    Tobi Loba
    Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to fulfill her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.




    The CEO of Binance exchange, Changpeng Zhao, popularly known as CZ, has reacted to the rumor about the exchange being investigated by the Federal Bureau of Investigation (FBI) and the Internal Revenue Service (IRS) over regulatory evasion.

    As reported by Forbes, “the Tai Chi document is currently circulating among law firms, accounting firms and others associated with Binance, and there is speculation that the FBI and the IRS may be investigating. When reached by telephone, an FBI agent in the Washington, D.C .field office initially denied knowledge of Binance and hung up. Later, the agent formally issued a “no comment.”

    Forbes was able to obtain a 2018 document containing the details about the creation of a US-based company named “Tai Chi”, which was meant to deceive American regulators.

    Read Also: CZ: Someone Just Mistakenly Sent $20,000 in BNB to A Smart Contract Address on Binance Smart Chain

    Harry Zhou, the Koi Trading CEO, who once worked for Binance and also known for working with Chinese cryptocurrency exchanges in America was said to be behind the whole plan.

    According to the leaked information reported by Forbes, Binance did not expect to obtain approvals from United States regulatory bodies, but willing to work with them to avoid enforcement actions.

    Also, the use of VPN to circumvent geographical restrictions is also encouraged by the top crypto exchange:

    “Notably, the document explicitly calls for the “strategic” use of virtual private networks (VPNs) that obscure traders’ locations as a way to evade regulatory scrutiny by the SEC and the NYDFS.”

    Read Also: Former CEO of Ripple Chris Larsen Makes Forbes’ Richest in 2020 List, CZ Excluded

    CZ Binance Reacts to the Rumor

    In a series of tweets meant to discredit the leaked information, Binance CEO, CZ termed the Forbes report as FUD and incorrect.

    CZ tweeted, “FUD. The statements and accusations in the article are incorrect. The whole article hinges on a 3rd party document. The said document was not produced by a Binance employee (current or ex). Anyone can produce a “strategy document”, but it does not mean Binance follows them.

    “…Binance has very strong collaboration with many notable law enforcement agencies worldwide that we cooperate very closely with.

    “…Regarding the U.S., Binance has very strong restrictions and operating procedures in place, which is why we have the segregation of Binance U.S. as a standalone marketplace.”

    Join us on Twitter

    Join us on Telegram

    Join us on Facebook




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Bitcoin (BTC) Will Be Bigger Than Apple, Amazon, and Facebook –MicroStrategy CEO Michael Saylor

    The chief executive officer of MicroStrategy, Michael Saylor, has highlighted the reason why his company decided to purchase hundreds...

    This New Proposal Suggests How Ethereum Would Transition into PoS without Unnecessary Complexity

    As the much-anticipated upgrade of the Ethereum network to proof-of-stake (PoS) protocol draws near, developer Mikhail Kalinin has published a new proposal that is...

    CEO of Global Macro Investor Raoul Pal Says He’s Developing an Interest in XRP

    The founder/CEO of Global Macro Investor and Real Vision Group, Raoul Pal, has some hours ago stated that he’s developing an interest in the...

    Ripple Seeks To Hire Chief Economist to Help Manage Its Trove of 54,642,632,616 XRP

    According to the recent job listing, Ripple, the San Francisco-based cross-border payment platform is seeking to hire a chief economist to help devise a...

    Cardano’s Goguen Era Progresses to Its Full Implementation with This Development Update

    According to the recent rollout update made available by two Cardano (ADA) project managers, the much-anticipated Goguen era is progressing to its full implementation. The...

    More Articles Like This