Binance VIP users made aware of record penalty months earlier, per report
During a meeting for VIP clients of the Binance crypto exchange in Singapore, guests learned insider information related to problems with the American authorities. Among the guests was Richard Teng, the future successor to Binance founder Changpeng Zhao, according to several participants who asked not to be identified discussing the private meeting, Bloomberg reported. At the meeting, Binance representatives were directly asked about the details of the company’s legal problems. The assembled traders pressed Binance officials on how much the firm would pay to the U.S. Department of Justice and other U.S. authorities to settle the dispute, including raising the possibility of a $4 billion fine. After speaking with company representatives present at the dinner, some VIP guests were convinced that the firm would pay this amount—an amount that Binance could easily afford. A Binance spokesperson said the description of the event was inaccurate, but declined to specify which aspects ...