How Binance CEO and aides plotted to dodge regulators in U.S. and UK

Crypto exchange Binance and its founder have swerved scrutiny by financial regulators, Reuters reporting shows. Now there are signs the strategy is fraying

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Hasnain says:

“The new set-up compromised the Binance.US compliance officers’ duty to assess users for possible criminal activity, the four people said, as they were under pressure to not turn customers away. The compliance team also struggled to obtain customer data and documentation on Binance.US’s anti-money laundering policies. They often had to request the information from the main exchange, whose developers in Shanghai still managed the U.S. site.

On one occasion, a senior compliance officer told Shroder the team was lacking the resources to properly verify customers, the person recalled. In response, the person said that Shroder cursed and yelled at them, dismissing their concerns. As tensions with Shroder mounted in his first six months as boss, the employee quit, as did some 10 other compliance team members.”

Posted on 2022-10-24T23:22:34+0000