This foreign crypto billionaire is breaking just about every securities law imaginable with his operation, as well as laundering money.
The Feds are going to come down very hard on him and those doing business with him, which will trigger a serious crypto crash.
Changpeng Zhao
Binance
Binance, a major cryptocurrency exchange, is facing turmoil as several top executives, including the general counsel, chief strategy officer (Patrick Hillman), and SVP for compliance (Noah Perlman), have resigned due to concerns about CEO Changpeng Zhao’s handling of regulatory investigations.
This exodus of senior figures from the legal and compliance units is a significant management and strategic crisis for Binance, already under intense regulatory pressure, potentially worsening its regulatory challenges.
In a follow-up message to Fortune, Changpeng Zhao mentioned they’ve recently promoted a new general counsel and reassured that Chief Compliance Officer Noah Perlman will remain with the company.
He also mentioned that Patrick Hillman’s departure was due to personal reasons.
However, sources within Binance revealed that the executives decided to leave because they weren’t happy with how Zhao handled an ongoing investigation by the Department of Justice.
This investigation, which has been ongoing for over a year, reportedly involves allegations of Binance trying to outsmart U.S. regulators and potential issues related to money laundering and sanctions violations on their platform.
