- Leaked “Tai Chi” entity document alleges Binance evading regulators.
- Ulterior motives exposed a structured set up to keep regulators at bay.
- Changpeng Zhao (CZ) denies allegations on Binance evading regulators.
Binance Holdings Limited is one of the most reliable centralized cryptocurrency platforms globally recognized for its blockchain technology-based trading exchange. Founding Chief Executive Officer and a cryptocurrency billionaire, Changpeng Zhao (CZ) established Binance in the Cayman Islands. A recent Forbes investigation claims that the cryptocurrency exchange was found to be setting up an elaborate scheme initiating the Binance evading regulations rumors.
The Forbes piece puts forth many different issues in the limelight, where, the United States Justice Department concerns and efforts are coming hard on anonymity coins such as Bitcoin and Monero. While on the other hand, the Binance evading regulators news is bringing new concerns to light.
Forbes report claims Binance evading regulators
Recent speculations hoard around a document suspected to be written by senior-level specialists of the firm and reveal astonishing details. The document magnifies a fabricated, intricately designed, corporal arrangement to deliberately swindle regulation agencies and furtively gain profits from cryptocurrency investors in the United States.
The documents further provide information on establishing a U.S based entity currently termed as “Tai Chi,” inspired by Chinese martial art that focuses on using the opposition force against him. Recently, Binance has taken extra measures to comply with U.S. regulations by initiating a regulatory compliant branch called Binance.US, however, a hidden agenda is now evident.
The released Tai Chi entity agenda is a tactical scheme to a professional con game. While the suspicious entity established operation within the US market, Binance preoccupied regulators with compliance measures while teaching potential clients on evading restrictions.
Samule Lim, Chief Compliance Officer , Founder and CEO CZ as well as top officials of Binance.US , Catherine Coley (Chief Operating Officer) and Harry Zhou former Binance employee, all remained unresponsive to questions related to the affair.
Chengpang Zhao responds to the allegations
Later on Chengpand Zhao (CZ) the chief of Binance posted a series of tweets rejecting the entire notion as incorrect and ensured Binance operating within regulatory extremities. He explains that the document was never produced by any current or former Binanace employees, and “anyone can produce a strategy document”, but that doesn’t make it an official document.
The document whose source remains hidden for security reasons is named “presentation 2” and is presumed to have been presented to CZ in the fourth quarter of 2018 by Jared Gross, mergers and acquisitions manager, Binance. The secret source also revealed the document creator to be Harry Zhou, founder of San Francisco based cryptocurrency exchange “Koi Trading”. However, CZ is taking a strong stand against the Binance evading regulators news.
Binance.US has been playing a safe game so far by complying with regulators, in contrast with Binance evading regulators allegations. Highlighting the firm in the government’s good books through public-spirited projects as well as building a trustworthy network within the country. Perhaps the most notable foreground of the document is its clearly highlighted aim which says that gradually the entity should be absorbed by its makers.