The SEC’s case against Binance, a live reading by Liz Lopatto
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I am getting the impression that Changpeng Zhao has written some memos he may regret.
Besides the VPN thing, the complaint alleges that Zaho himself “Zhao directed Binance to encourage certain U.S.-based VIP customers to circumvent the new KYC restrictions by submitting updated KYC information that omitted any U.S. nexus.”
Here’s what he said in a weekly meeting:
We don’t want to lose all the VIPs which actually contribute to quite a large number of volume. So ideally we would help them facilitate registering companies or moving the trading volume offshore in some way—in a way that we can accept without them being labeled completely U.S. to us.
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