US Senator Elizabeth Warren asked the US subsidiary about crypto exchange Binance and the platform’s current financial situation. He sent letters to global CEO Changpeng Zhao and US CEO Brian Schroder. The letter includes a number of questions aimed at giving the users a clear view of the company’s operations. This way, users can decide for themselves if they want to continue using the platform.
What does the letter say?
The letter first alleges that Binance is evading anti-money laundering laws, securities laws, reporting requirements and other financial laws. It raises the question if this platform is stable and legal and how committed they are to customers. Elizabeth also questions whether Binance and the Binance US subsidiary are separate and sufficiently separate.
She explained the importance of noting that the failure of the crypto exchange FTX was also the reason for the failure of FTX US. The CEO of Binance also points to the same things as FTX to Binance US Independence, but it all seems to be done by Elizabeth Warren.
7 questions from Elizabeth Warren
- She has requested copies of all Binance and Binance US balance sheets since 2017.
- Estimates of the total number and fraction of Binance US users every quarter since 2017.
- In the year Documents and all relevant information regarding the plan to create a company called ‘Tai Chi Body’ in 2018. The idea of creating this company seems to be to distract the regulators, he said.
- All information regarding the anti-money laundering, anti-financial terrorism and KYC policies followed by Binance and its affiliates.
- There are reports that CZ does not require KYC policies at Binance. This actually weakens the anti-money laundering policy of the exchange. Therefore, if there is such a relationship, the senator wants a copy of the same.
- A copy of all policies and procedures regarding the relationship between Binance and the US branch. and any communication documents if these policies are made available to the public.
- List of all US-based platforms that have used Binance.com services.
What are your thoughts on Elizabeth Warren asking Binance about its business? And do you think the exchange provides all the necessary information? Let us know in the comments below. And if you find our content informative, share it with your family and friends.
Also read: Australian internal documents for crypto law revealed!
