Binance US careers are over. In response to the U.S. Securities and Exchange Commission filing a high-profile lawsuit against the largest cryptocurrency exchange in the world this year, Binance CEO Changpeng “CZ” Zhao nearly shut down Binance U.S.
Although Binance attempted to sell its American division to competing exchange Gemini, the U.S. Board of Directors did not unanimously approve the deal. Zhao is the Board’s chair. However, the group decided against liquidating the business when it came to a vote.
Despite a $4.5 billion valuation last year and profitable Binance US careers, Zhao’s desire to preserve his worldwide crypto enterprise was stopped by a single member of the Board of Directors: Binance.US CEO Brian Shroder voiced fear that an abrupt liquidation and move would affect American consumers by preventing them from accessing their accounts.
The SEC launched a complaint against Binance and Zhao in July, accusing the business and its founder of enriching themselves with billions of dollars while risking investors’ funds.
Gurbir S. Grewal, the director of the SEC’s Division of Enforcement, noted that he and his colleagues argue that Zhao and the Binance businesses not only recognized the rules of the road but also intentionally decided to ignore them, endangering their investors and consumers, all in an effort to increase their profits.
The Commodity Futures Trading Commission, a rival regulatory body, filed a complaint against Binance in March, alleging that the company had broken federal law by operating as a platform for commodity derivatives in America while failing to conduct know-your-customer checks and adhere to anti-money laundering procedures.