Binance VIP Traders Get Top US Settlements: Report
Executives at cryptocurrency exchange Binance have given a heads-up to major market makers in a $4.3-billion settlement with authorities in the United States.
According to a Dec. 1 Bloomberg report, at an exclusive September dinner in Singapore, Binance traders were told about the crypto exchange's tentative deal with US authorities — roughly two months before the details were made public. Some Binance executives told some traders at the event that the exchange could easily afford a $4.3 billion fine to stay in business.
Then Binance CEO Changpeng “CZ” Zhao was reportedly absent from the event, but Zhao's replacement, Richard Teng, was mingling with guests. A Binance spokesperson said the image of the VIP event was incorrect, but declined to specify which aspects were incorrect, Bloomberg reported.
According to Teng's posts on X (formerly Twitter) since September, the head of regional markets at the time was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix Formula 1 and “many side events.” Cointelegraph will release an exclusive interview with the CEO of Binance on December 3rd at 6:00 pm UTC.
Nice to talk to Ethereum_sg. A busy week in Singapore rounded off with Token 2049, Milken, many side events and the Singapore F1 Night Race https://t.co/FBirPWgRLg
— Richard Teng (@_RichardTeng) September 12, 2023
Related: Binance is operating without a license in the Philippines, says regulator
As part of the settlement, Binance must pay $4.3 billion to various US authorities and regulators, while CZ is responsible for paying $150 million to the US Commodity Futures Trading Commission. At the time of publication, Zhao was still in the US on bail after a court heard his request to return to the UAE before his sentencing in February.
Although the settlement resolves many of Binance's legal problems in the United States, Binance.US and Zhao Exchange were still sued by the US Securities and Exchange Commission in June. A group of investors has sued soccer star Cristiano Ronaldo for his role in promoting Binance nonfungible tokens (NFTs), unregistered securities.
Magazine: US law enforcement agencies are turning up the heat on crypto-related crimes.
