The largest cryptocurrency exchange in the world, Binance acts as a buying and selling platform for thousands of different cryptocurrencies, including Ethereum, Bitcoin, and many more. Changpeng Zhao (CZ) created Binance in 2017. started out in China but eventually expanded to other nations as a result of China's stringent cryptocurrency laws. The founder and CEO of Binance, one of the biggest cryptocurrency exchanges in the world, is Changpeng Zhao, also known by his handle CZ. In 1977, he was born in Jiangsu, China.
Early career: CZ was an engineer at Bloomberg and worked as an engineer for a number of technology startups in Shanghai and Tokyo before getting involved in cryptocurrencies. Following employment at OKCoin, one of the first cryptocurrency exchanges in China, in 2013, interest in blockchain technology grew. Binance, which CZ started in 2017, grew to become one of the biggest and most well-known cryptocurrency exchanges in the world very fast thanks to its creative and user-focused strategy. Obviously! Kindly send me the text that has to be shortened.
An influential person in the cryptocurrency space is Changpeng Zhao. As the CEO and founder of Binance, he has been instrumental in the industry's expansion and advancement. CZ continues to propel the development of blockchain technology and cryptocurrencies with his inventiveness and leadership.
Case chronology
Monday, June 5 2023
The SEC filed a lawsuit against Binance on June 5, 2023. It is alleged that Binance mixed up consumer payments and transferred them to businesses owned by CEO Changpeng Zhao. They were charged by the SEC for endangering the assets of investors and making billion-dollar personal gains. Transaction fees are anticipated to have brought in US$ 11.6 billion for Binance between June 2018 and July 2021. Zhao, Binance Holdings, and two other connected companies, BAM Trading Services and BAM Management US Holdings, are the targets of thirteen legal cases.
Tuesday, June 6 2023
On June 6, 2023, a lawsuit was filed against Coinbase. Coinbase was accused by the SEC of trading thirteen cryptocurrency assets that were deemed securities and ought to have been registered with the regulator beforehand. In contrast to Binance's lawsuit, Coinbase CEO Brian Armstrong was neither named as a defendant by the SEC, nor was the business accused of embezzling user assets. The SEC requested that Binance's US assets be placed under freezing by a federal court in Washington, D.C. Only Binance's two US holding corporations are covered by the freeze order; other platforms are not. Accounts at Axos Bank, Prime Trust, Silvergate Bank (which is no longer in business), and other institutions are included in this freeze.
Wednesday, June 7 2023
However, in a document uploaded by Fox Business journalist, Eleanor Terrett via her Twitter account, it was noted that CZ did not have to appear in person, but needed to provide a response within the specified time frame, namely 21 days.
If there is no response within that time period, then the assessment that will be given against CZ and the company will be carried out by default.