![]() ![]() As of 2023, According to Forbes, His total net worth is 1.9 billion USD. Talking about Changpeng Zhao‘s formal academic qualification, He graduated bachelor’s degree major in computer science from McGill University. As of 2023, He is 44 years old with around 5 feet and 6 inches tall in height. but later moved to Canada with his parents. He was born in the year 1977, in Jiangsu, China. Changpeng Zhao (CZ) is a very popular and inspiring Chinese-Canadian tech Entrepreneur and businessman who is best known for being the founder & CEO of Binance. However, Binance CEO Changpeng Zhao stated that the company never aimed to single out one group of people and that nationality does not make them sanctioned. ![]() One ex-staff member mentioned that they were not authorized to disclose the reason for the ban, while another confirmed this policy.īinance has been under intense public, political, and regulatory scrutiny worldwide, with allegations that the company serviced traders and firms in Iran for years despite US sanctions that forbid such activity. They were directed not to provide an explanation to Iranian clients about the reasons for blocking their accounts and to request them to withdraw their funds. Binance founder and CEO Changpeng Zhao Juliana Tan for The Wall Street Journal. The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission (CFTC) in the United States for. Consequently, these customers were unable to engage in any trades or transfer their cryptocurrency from one wallet to another.Īccording to a few former customer service representatives, transparency while dealing with Iranian customers was inconsistent. In the 136-page lawsuit, the SEC filed 13. ![]() Poyraz stated that while the company was making efforts to eliminate Iranian accounts, it inadvertently affected some Iranians who were eligible to use the platform.īinance had permitted Iranian customers to demonstrate that they legally resided outside of Iran, but the process of proving their residency status took several months for certain customers. The SEC also named Changpeng CZ Zhao, the firm’s cofounder and CEO, in the suit, as well as BAM Trading, the operator of Binance’s U.S. However, Poyraz explained that it is tricky to vet Iranian clients since the country is vast, and many Iranians purchase KYC accounts on the dark web to use services like Binance or other platforms. ![]() Poyraz claimed that the issue had been mostly resolved, but dealing with comprehensively sanctioned countries like Iran was nuanced, and deciphering which Iranian customers were in compliance and which were not was time-consuming.Īlthough it is not forbidden for Iranians to use Binance services, the company was supposed to block clients who live in Iran due to US sanctions that ban such activity. , as stated by reportsīinance’s Global Head of Sanctions, Chagri Poyraz, admitted that despite the company’s efforts to improve compliance protocols, the initiative to remove sanctioned clients from its database had resulted in blocking accounts that shouldn’t have been. Some of the Iranian customers had their accounts blocked without any explanation, and they had to withdraw their funds without knowing the reason behind the block, media reports said. Binance, the largest crypto exchange of the world, has reportedly blocked thousands of Iranian accounts that it shouldn’t have, according to former employees. ![]()
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