![]() crypto job listings have dropped off, including in cities like Las Vegas and Dallas, by as much as 80%. A year from now, Zhao may wish he had made a deal. And if the Treasury Department decides to label the company as a sanctions violator-a radioactive status as far as banks are concerned-then look out. allies, including Australia and the Netherlands, have already moved to cut Binance off from the banking system. government has become incredibly effective at flexing its financial might around the globe. The trouble with this is that, for better or worse, the U.S. He has also framed the situation as a problem in the U.S.-not for the company more broadly, which appears to be doing fine financially. Zhao has put a brave face on the departures of the company’s senior legal and compliance staff, suggesting it is just more FUD (fear, uncertainty, and doubt) by the bumbling media. But what is clear is that Binance will now be fighting for its life. And that Zhao then changed his mind and decided he would take his chances rather than be forced to step away from an empire he built from the ground up.Īs of today, we just don’t know for sure. ![]() Reading between the lines, it’s not hard to imagine that the deal between the Justice Department and Binance called for Zhao to step aside as a condition of the settlement. You may recall that Bloomberg published a lengthy profile of Zhao’s “heir apparent,” a veteran executive who was well suited to deal with regulatory headwinds. It’s also possible that it was Binance, and its hardheaded CEO in particular, that tanked the settlement. ![]()
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