Soon after it launched, Binance grew so worried about the"nuclear" threat of US prosecution that it crafted a plan to evade their scrutiny, according to aAny lawsuit by US regulators would be like"nuclear fall out" for the crypto exchange's business, a Binance executive told colleagues in a private chat in 2019, per the WSJ report Sunday.
The Department of Justice has been probing the company over potential breaches of anti-money-laundering rules, while the Commodity Futures Trading Commission is looking into whether it properly registered some crypto derivatives trading. Binance's strategy focused on creating that"bare-bones" US platform for the one-fifth of its customers based in the country, per the WSJ. Binance.US would tap into the company's technology and brand, but otherwise appear a completely independent platform.
One flaw was that the two platforms mixed staff and finances, and shared an entity that dealt with cryptocurrencies, according to the WSJ. There were missteps that team members worried would raise red flags for US watchdogs, such as when an employee had trouble changing a Google Form intended for Binance.US customers from being linked to Binance.com.
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