paint-brush
The Story of Binance.US and Regulatory Tightropeby@secagainsttheworld

The Story of Binance.US and Regulatory Tightrope

by SEC vs. the WorldSeptember 18th, 2023
Read on Terminal Reader
Read this story w/o Javascript
tldt arrow

Too Long; Didn't Read

In 2019, Binance embarked on a plan to create a U.S. crypto asset platform, Binance.US, alongside covertly retaining U.S. VIP customers on Binance.com. The company's primary objective was to protect its global platform from U.S. regulatory scrutiny while mitigating user loss in the United States.

People Mentioned

Mention Thumbnail
Mention Thumbnail
featured image - The Story of Binance.US and Regulatory Tightrope
SEC vs. the World HackerNoon profile picture

SEC v. Binance Court Filing, retrieved on June 5, 2023 is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This is part 22 of 69.

FACTS

IV. ZHAO AND BINANCE ESTABLISHED THE BINANCE.US PLATFORM WHILE MAINTAINING SUBSTANTIAL INVOLVEMENT AND CONTROL OF ITS OPERATIONS.


141. In 2019, while continuing their efforts to covertly maintain U.S. VIP customers on the Binance.com Platform, Zhao and Binance also began implementing plans to launch a new crypto asset platform in the United States consistent with the Tai Chi Plan.


142. In March 2019, Binance’s Chief Financial Officer (“Binance CFO”) reaffirmed to Zhao that the “first goal” was “to protect [Binance].com from U.S. regulatory engagement.” To do so, he noted that Binance “will need to launch” a new U.S. crypto asset platform, and that “the main goal for that one is to limit the loss of users from the U.S.”



Continue Reading Here.


About HackerNoon Legal PDF Series: We bring you the most important technical and insightful public domain court case filings.


This court case 1:23-cv-01599 retrieved on September 6, 2023, from docdroid.net is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction.