Bitcoin Holds Strong: Christmas Crypto Update

We dive deep into what made Zhao who he is today, and perhaps glean a better understanding of the crypto mogul himself.

Changpeng Zhao, otherwise known as CZ, is something like an enigma. Not much is known of his personal life, and what we do have, we had to scour the depths of the internet to find.

Like a chart that plots the highs and lows of a token's price trajectory, this exploratory series aims to chronicle the timeline of the man. We dive deep into what made Zhao who he is today, and perhaps glean a better understanding of the crypto mogul himself.

Since June 2021, global regulations have become tense, coupled with the strictest crypto ban ever imposed by the Chinese government. All types of exchanges worldwide have been affected to varying degrees, and Binance has begun feeling pressure from regulatory bodies around the world.

Binance provided services to U.S. customers but failed to comply with U.S. laws, including not registering with the U.S. Department of the Treasury as a money services business and not implementing an effective anti-money laundering program. Instead, it facilitated unregulated cryptocurrency transactions worth billions of dollars, including transactions involving U.S. users and unsanctioned users.

As a Money Services Business (MSB), Binance had an obligation to report suspicious transactions to FinCEN through Suspicious Activity Reports (SARs). FinCEN's investigation revealed that Binance's former compliance officer had informed employees that the CEO's policy was not to report such activities.

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Since 2017, Binance has been striving to obtain a phased 'partially legal' status in certain global regions through diplomacy, acquisitions, joint investments, philanthropic funding, and other means.