- These Top Crypto OGs Love to Hang Out at Parties - September 16, 2022
- Crypto Twitter is Raging Bulls over Name-calling - September 15, 2022
- Stop Putting “Feminism” Labels on the Demand for Internet Privacy in Web3 verse - September 14, 2022
Has the Binance CEO moved to Dubai to expand his business or he is fleeing away from more regulatory crackdowns?
As Bitcoin and its related cryptocurrencies became popular over the years, so did the providers who enable investors to have access to these digital assets and trade. Currently, crypto assets are being considered the first investment option that the investor community is choosing. But these assets are volatile and decentralized in nature, hence, investors might need protection from being exposed to greater risks in such markets. For this, a cryptocurrency exchange plays a massive role. Crypto exchanges are responsible for providing trading facilities for both currencies, digital and fiat. Of all the crypto exchanges available in the market, Binance emerged as the leader. Its gigantic ecosystem consists of multiple crypto platforms and services, numerous cryptocurrencies, and also wallet facilities. Binance’s dominance in the crypto exchange domain kept increasing as the Binance Coin continued to soar amid several other volatile cryptocurrencies. But the exchange is not just about that. Besides, providing several facilities to investors, the Binance exchange has also been a part of major legal troubles across Italy, Japan, Canada, Thailand, the UK, and the US, to name a few. Recently, the exchange has been facing a regulatory crackdown on accounts of luring investors to buy TerraUSD just before the crash!
Seemed like the Binance CEO was not Shocked by Terra’s fall!
The fall of the Terra stablecoin literally stormed the entire crypto market. It took down the entire Terra ecosystem, wiping out about US$200 billion from the crypto domain. Terra’s declination also swallowed up more than 97% of the investor’s wealth and almost 99% of its own total value. The crash was so critical that the South Korean government was forced to investigate the entire matter, assuming that this crash was not the result of the natural volatility of the market and the crypto firm was actually butchered by competitors. But with an unfortunate turn of events, Terra CEO, Do Kwon himself was being accused of several criminal charges, including tax evasion. During the investigation, analysts blamed the Binance CEO had lured investors to invest in the stablecoin by stating that the asset offered special offers and marked the currency as yielding high returns and being safe for investment.
Investors were mostly enraged by Binance’sChangpeng Zhao because he acted as if the crypto market crash was not a calamity even after he knew the wreckage that it had created. There are several others who believed that Zhao moved to Dubai, late last year. He has been deemed the richest person in the crypto domain. But currently, being kept under scrutiny by the crypto regulatory bodies, his reputation, along with that of his exchanges is being dragged to the ground.
There have also been reports that the Binance CEO went from being a crypto king to a bust within months of the crypto market crash, but lucky for him, Zhao has already said that he does not really care much for money. But that certainly does not mean he does not need to care about the financial statuses of other investors if he really did push investors towards investing in a volatile cryptocurrency asset.
Maybe Zhao wished to disappear after losing billions in the crypto market crash
Both his personal finances and the company took a hit when the crypto prices collapsed. Binance has long received criticism from regulators for failing to establish a location for the company’s headquarters, but unfortunately, that’s not his style! His move to Dubai hardly seems like a business strategy. But reports do say that he might soon settle in Dubai, which leaves us thinking, is Zhao trying to set up Binance headquarters in Dubai? Maybe, but what if it’s not? Then, there is no definite answer as to why Zhao chose to move up to Dubai!