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, Forbes leaks documents on how Binance dealt with US regulations., Forex-News, Forex-News
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Forbes leaks documents on how Binance dealt with US regulations.

6
, Forbes leaks documents on how Binance dealt with US regulations., Forex-News, Forex-News


, Forbes leaks documents on how Binance dealt with US regulations., Forex-News, Forex-News

Regulations are always a difficult subject for many companies, especially those that are in large markets but with many regulations. This time we will talk about a somewhat controversial post from Forbes, in which it is alleged that Binance had a plan to “circumvent” US regulations.

What did Forbes publish about Binance and the US regulations?

According to Forbes, Binance, the largest cryptocurrency exchange, created a corporate plan in 2018 with two goals. The first was to benefit from the US market, and the second was to avoid the country’s regulatory scrutiny in parallel.

The source cited for this information was a 2018 document / presentation obtained by the journal. The leaked filing describes a “Tai Chi entity” that would funnel revenue to Binance through a network of corporations without exposing its parent to the financial regulator’s microscope.

According to the Forbes article, his source included a screenshot of a slide but not the entire presentation in which this was raised.

Forbes said the Tai Chi document calls for the use of a “strategic” virtual private network (VPN) to bypass the New York State Securities and Exchange Commission and the New York State Department of Financial Services.

The magazine also stated that this document warns Binance employees not to work in the United States to mitigate “application risks.” Forbes also claims that the document contains a “detailed strategy to distract” US regulators.

, Forbes leaks documents on how Binance dealt with US regulations., Forex-News, Forex-News
Binance has applied a particular strategy to evade US regulations, according to a document leaked by Forbes recently. Its CEO, Changpeng Zhao, has presented his opinion on the matter on his Twitter account. Source: CDN

What have the directors of Binance said?

Regarding this article, Changpeng Zhao, the CEO of the company, commented on some responses on his Twitter account. Zhao stated that Binance follows all local laws in the countries where they have a presence, including the United States.

Specifically, he stated that «Anyone can produce a ‘strategy document’, but that does not mean that Binance follows them«. Then he added that the slides Forbes referenced were made by a third party, not his company.

Meanwhile, Forbes maintains that the US affiliate Binance.US operates under a corporate structure similar to the “Tai Chi” network. According to CoinDesk, Binance.US CEO Catherine Cooley has long refused to discuss ownership of Binance.US.

Therefore, we can say that the statements in this regard have been few, but as forceful as possible. Caution is what characterizes them, because they know what is at stake.



, Forbes leaks documents on how Binance dealt with US regulations., Forex-News, Forex-News

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, Forbes leaks documents on how Binance dealt with US regulations., Forex-News, Forex-News

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