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Danielle Balbi
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Binance CEO Changpeng Zhao.
Photographer: Laura Stevens for Bloomberg Businessweek
For years, the man behind the world’s biggest digital-currency exchange has pushed the boundaries of the law.
Binance CEO Changpeng Zhao adopted the playbook of many tech disrupters: Ignore the demands of governments for as long as possible. Then, when you’re big enough, work with said governments to lock in market share.
But now that crypto exchanges are intertwined with much of global finance, regulators have signaled their desire to make an example of what they regard as the worst actors. That’s set the stage for a confrontation of potentially epic proportions. And when it’s all over, Zhao could wind up under criminal indictment. Or he could be the richest man in the world.
The Big Take
From today's story
“They’re just operating with absolutely no fiduciary infrastructure, no consumer protection, no oversight... It’s not what you want when it comes to your finances.”
John Reed Stark
Former chief of the SEC Office of Internet Enforcement
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