The Chinese-Canadian CEO of the crypto-trading giant held a vote on whether to liquidate its U.S. arm, last valued at US$4.5 billion, amid regulatory scrutiny in that country, The Information reported, citing two people familiar with the matter. After the vote failed, Zhao reportedly tried to sell it instead, holding talks with rival platform Gemini and sovereign wealth funds. (The Information)
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The Chinese-Canadian CEO of the crypto-trading giant held a vote on whether to liquidate its U.S. arm, last valued at US$4.5 billion, amid regulatory scrutiny in that country, The Information reported, citing two people familiar with the matter. After the vote failed, Zhao reportedly tried to sell it instead, holding talks with rival platform Gemini and sovereign wealth funds. (The Information)
Talking point: The report, which Binance and Binance.US did not comment to The Information on, suggests Zhao was considering drastic action to protect his company from a tightening net of regulatory scrutiny, including a U.S. Securities and Exchange Commission lawsuit. The U.S. Department of Justice is considering fraud charges against Binance, Semafor reported, but is concerned about causing a run on deposits. The Information also reported Zhao had hoped shutting Binance.US down would improve his company’s standing in Europe, the Middle East and Asia. Binance exited Canada in May and the Ontario Securities Commission is investigating possible compliance violations prior to its departure.
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