Binance CEO Denies 'Tai Chi' Bitcoin Regulation Evasion Scheme A leaked document purportedly from Binance senior executives outlines a plan to use a US subsidiary to evade regulators. By Jeff Benson. 4 min read. Oct 29, 2020 Oct 30, 2020. Binance is one of the largest cryptocurrency exchanges in the world (Image: Shutterstock) In brief. Forbes has reported that Binance had a secret plan to ... Zhao Changpeng, founder of Binance, was able to grow his company into the world’s largest digital-asset exchange by traded value in less than eight months. The exchange, however, may face challenging times as regulators worldwide start clamping down on the cryptocurrency market. Zhao has described regulation as a risk for Binance. Binance has announced that it will deny all cryptocurrency exchange services to users in the United States in the near future. On June 14, 2019, Binance’s official website posted an announcement claiming that “some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Term s of Use .” The entity would protect the primary operations of the exchange from regulation. “While the then-unnamed entity set up operations in the United States to distract regulators with feigned interest in compliance, measures would be put in place to move revenue in the form of licensing fees and more to the parent company, Binance. FATF hints at Binance as example of an exchange avoiding regulation A new report by the Financial Action Task Force, or FATF, details a series of red flags that can help identify illicit activity involving cryptocurrencies. Binance in June 2019 unveiled plans to launch a U.S. exchange registered with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department.
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