His net worth, though still sizable, sank as the crypto market soured last year. Zhao, who goes by CZ, founded Binance in 2017 and his soaring wealth saw him rapidly climb the ranks of the world’s richest. That’s the estimated net worth of Changpeng Zhao, according to Forbes’ real time tracker, ranking him as the world’s 172nd richest person. “The SEC’s real intent here, instead, appears to be to make headlines.” Forbes Valuation “It seems based on these developments that the SEC’s goal here was never to protect investors,” Binance wrote in a blog. Contraīinance strongly disputes the allegations leveled against it and said it will “vigorously” defend itself, adding that it has actively cooperated with the SEC’s investigation and “worked hard to answer their questions and address their concerns.” Although stressing it is taking the “allegations seriously,” Binance said enforcement action was unwarranted and said it is “disheartened” by the regulator’s approach, alleging regulatory “overreach” that damages the U.S.’ status as a global financial hub. ![]() It also follows a number of high profile failures, notably the collapse of Sam Bankman-Fried’s crypto exchange FTX and the failure of lenders Celsius and BlockFi. ![]() The lawsuit comes as key financial regulators, including the SEC and CFTC, which usually cooperate on such cases, vie for supremacy in regulating crypto and pay increasingly close attention to the industry. operations and reshape the sector as a whole. ![]() clients in March-the SEC is a powerful regulator and its allegations are serious and have the potential to both cripple Binance’s U.S. While this is not the first time Binance has faced regulatory scrutiny-the Commodity Futures Trading Commission sued the company for allegedly illegally serving U.S. ![]() The Securities and Exchange Commission (SEC) on Monday sued Binance and its chief executive Changpeng Zhao for allegedly mishandling funds, lying to regulators and violating an array of securities laws.
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