The tycoon, known by his staff and online followers by his initials CZ, has crisscrossed the globe in his quest for success, working in Tokyo and New York before moving to Shanghai, where he embraced crypto and founded Binance in 2017.īinance became the world’s biggest crypto exchange within six months, and now accounts for about 60 per cent of global crypto trading volumes, according to research firm CCData.
Zhao was born in China before moving to Canada in 1989 when he was 12, two months after China’s Tiananmen Square crackdown on pro-democracy protesters, he wrote in a blog in 2022. The US Department of Justice (DOJ) has been investigating Binance for alleged criminal sanctions violations and money laundering, Reuters reported in December, with some prosecutors believing they have sufficient evidence to charge Zhao and other top executives.īinance said at the time it did not have any insight into the inner workings of the DOJ. “Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC chair Gary Gensler said.
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This “put their customers and investors at risk”, the SEC alleged, citing a number of practices first reported by Reuters in a series of investigations into the exchange published this year and in 2022. The exchange had strived through the year to strengthen client checks, it said, developing crypto’s “best security and compliance team”.īut according to the SEC, Zhao and Binance “consciously chose to evade” US laws “in an effort to maximise their own profits”.
In the review of 2022, Binance hailed its progress in complying with regulations across the world.
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