US securities regulators sued Binance and its founder, Changpeng Zhao, for fraud, and it has the potential to end the industry’s go-go days
Photo: Pedro Fiúza/NurPhoto via Getty Images
The suit is also a rebuke to the invulnerable image created by Zhao, who goes by the initials CZ to his fans. Last year, ZhaoFTX in a series of tweets highlighting the financial rot at the core of Bankman-Fried’s crypto empire. Binance has stood alone as the only truly global giant crypto exchange, a go-to place for the buying and selling of just about every digital currency in the world.
The suit is long and complex, detailing the many alleged ways that Binance sought to evade accountability, but there are five essential things to know about how it all operated:It sounds obvious, but you can’t have a functional exchange if people don’t use it. It’s supposed to stand in the middle of buyers and sellers and find a balance between them that keeps people coming back.
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