On Thursday, The Information reported that Binance.US-which the parent company claims operates independently of its international exchange-was exploring ways to reduce Zhao’s stake in order to reduce additional scrutiny. customers, along with a raft of other charges. In March, the Commodity Futures Trading Commission sued Binance and Zhao, alleging the exchange was illegally offering services to U.S. agencies into money laundering violations. “It is for individual companies to make informed decisions on whether they want to play by the stated rules of the game, or leave.”īinance has faced regulatory difficulties globally as it reckons with its heightened status following November’s collapse of FTX, including investigations by U.S. “The Canadian Securities Administrators have laid out clear expectations of the rules they expect crypto trading platforms to follow,” said Mark Greenberg, Kraken’s managing director for Canada, in a statement shared with Fortune. exchange Kraken, signed a pre-registration undertaking with the Ontario Securities Commission on March 30 as a step toward complying with the national guidance. Not every crypto company has chosen the same strategy. A spokesperson did not immediately respond to a request for comment. It is unclear whether this decree contributed to Binance’s decision. It has a market cap of $924.99 million.The decision comes on the heels of February guidance issued by Canada’s securities regulator to compel exchanges to register with the agency-failure to meet preregistration requirements would mean an exchange can no longer operate. Terra Luna has dropped 99.15 percent in the last few days, according to Binance data. To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever.īinance (after a 5 min discussion) fully support this proposal. He wrote, “To lead by example on protecting users, Binance will let this go and ask the Terra project team to compensate the retails users first, Binance last, if ever.” In another tweet, Zhao urged the Terra team to make reimbursing its retail investors top priority. His estimated 70 percent stake in Binance accounts for the majority of his wealth, stated a Forbes report. The price of Luna was pulled down by the drop in TerraUSD.ĭespite the crash and the fall in the price of Luna, Zhao has a net worth of around $14.9 billion, as of Sunday, according to Bloomberg. When the price of TerraUSD dropped, investors raced to sell their holdings. Luna's fall began when TerraUSD, its sister coin, lost its peg to the US dollar. It still sits on the address we received at ?. CZ ? Binance May 17, 2022Ģ/ Binance received 15,000,000 LUNA (at peak worth $1.6 billion USD, now not much) as part of the original ($3m) invest. The Luna tokens were “never moved or sold,” he added. In a tweet, Zhao claimed that Binance held 15 million Luna tokens, which the exchange had obtained in exchange for a $3 million investment in the Terra network, which Luna is founded on. The exchange's assets in the cryptocurrency Luna fell to just $2,200 from $1.6 billion, at the token's peak price, a month before. Changpeng Zhao, the founder of cryptocurrency exchange Binance, tweeted a few days ago that he was “poor again” after losing billions of dollars in cryptocurrency following a market crash, which wiped out the fortunes of many investors.
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