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US and China try to crush Binance, SBF’s $40M bribe claim: Asia Express

Published 03/30/2023, 07:09 PM
Updated 03/30/2023, 07:20 PM
US and China try to crush Binance, SBF’s $40M bribe claim: Asia Express

Our weekly roundup of news from East Asia curates the industrys most important developments.

On Mar. 27, the U.S. Commodity Futures Trading Commission (CFTC) charged Binance and its founder Changpeng Zhao with alleged willful evasion of federal law and operating an illegal digital assets exchange. In the 74 page complaint, the CFTC claimed that despite the exchange’s public position of banning U.S. users, internal documents suggest that at least 20% to 30% of the exchange’s traffic came from U.S. customers. That equates to almost three million alleged U.S. users by mid-2020.

Interestingly, a screenshot cited by the CFTC shows that Binance’s top 2019 revenue came from the U.S. and Chinese geographical segments, both being countries where Binance.com is not authorized to operate.
Despite their differences, the U.S. and China has finally found common ground in the fight against Binance. (Magazine via Imgflip)
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