The Chinese-Canadian coder cut his teeth building high-frequency trading. Binance “can encourage them to be a non kyc account,” Lim. Changpeng Zhao, who goes by CZ, is the founder and CEO of Binance, the largest cryptocurrency exchange in the world.
Lim allegedly advised against outright fraud but encouraged “creative means” to sidestep regulations. On the surface we cannot be seen to have US users but in reality we should get them through other creative means,” Lim told a Binance employee in 2020 according to the filing. “But as best we can we try to ask our users to use VPN or ask them to provide (if there are an entity) non-US documents. Brian Brooks, the CEO of Binance.US, discusses the regulatory crackdown on cryptocurrencies and its decision to hire the former commissioner of the California Department of Financial Protection. The CFTC filing alleges that Binance engaged in similar activity for its U.S. The use of virtual private networks and alternative non-state documents was advised by some volunteers and employees to mainland Chinese traders. customers to its unregulated international exchange, commingled.
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“If the user is a big trader, or a smart one, he/she will get the hint.”ĬNBC previously reported on how Binance’s customer service and VIP representatives counseled users in mainland China on how to evade Binance’s compliance systems. The SEC sued crypto exchange Binance and its billionaire founder, Changpeng Zhao, alleging that they worked to attract U.S. “Do not directly tell the user to run,” Binance instructed its VIP team, the filing alleged.
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