![]() In response, Binance sued Forbes for defamation, but then, in 2021, Binance dropped the lawsuit, deciding instead to stuff money into Forbes’ mouth.ĬZ said that the media is “ an essential element to build widespread consumer understanding and education.” Notice, he didn’t say “inform citizens,” but rather “educate consumers,” which is suggestive that he intends to use Forbes to boost his brand. enforcement.” Binance.US initiated operations to serve American customers in September 2019. regulatory scrutiny.Īccording to an alleged internal PowerPoint presentation, Binance.US was designed to act as a magnet or decoy for regulators, accepting “ nominal fines in exchange for enforcement forbearance” to further “ insulate Binance from U.S. market back to the mother entity in the Cayman Islands, bypassing U.S. Forbes had broken the news about Binance’s hair-brained scheme to create a “Tai Chi entity” or front company to funnel profits from the U.S. Forbes Pokes The Bear, Gets EatenĮarlier this year, Forbes became the latest victim of Binance, transformed from critic to booster by a cool $200 million capital infusion. On April 29, Binance.US, the American arm of the company, co-sponsored an afterparty for the White House Correspondents’ Dinner, where Colombian diplomats, Binance executives, and American reporters rubbed elbows while dancing to Eric Hilton of Thievery Corporation. #DisruptionBanking has previously covered Binance’s charm campaign in Africa, its attempts at regulatory compliance and lack of vetting employees in the compliance department. Meanwhile, CZ’s company is on a hiring spree, seeking lobbyists and government lawyers, according to its job board. ![]() ![]() According to Celebrity Net Worth, CZ can now claim the illustrious title of the person who lost the most money in human history. The crash of TerraUSD stablecoin wiped away $270 billion from the market, and Binance CEO Changpeng “CZ” Zhao has watched 88% of his net worth evaporate, from $96 billion to $11.6 billion in just over four months. It’s been a rocky year so far for the crypto-rich. Binance, the world’s largest cryptocurrency exchange, is throwing its weight around in capitols around the world and wielding its cash war chest to capture ex-regulators and legislators, as well as critical media outlets. ![]()
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