Bloomberg Television published this video item, entitled “VanEck’s Matt Sigel: Reporting from WSJ that Binance Founder Zhao will plead guilty “is a big deal”” – below is their description.
Matt Sigel, VanEck’s head of digital assets research, reacts to the report from the WSJ that Binance Founder Changpeng Zhao Agrees to Step Down and plead guilty in a deal with the Department of Justice on Bloomberg Radio.
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Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.
Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.