Binance, which claims to have no headquarters, has already withdrawn from or been banned in at least 10 countries. While Zhao’s crypto empire has so far survived the implosion of its largest competitor FTX and the contagion that brought down crypto lenders Celsius and Genesis, it is now facing existential threats. Neither Chen nor the company responded to a request for comment on this story. In a statement released on June 5, Binance said it was “disappointed” by the SEC complaint and that the company will "vigorously defend against any allegations" that user assets on Binance.US were put at risk. (Binance responded to Warren’s letter by stating that the company “supports the United States' effort to look holistically at regulations" and "takes the issue of compliance very seriously.") The exchange is also reportedly facing a Department of Justice investigation over claims that Binance or its executives ran afoul of Russian sanctions and anti-money laundering laws, and Senator Elizabeth Warren has called for the DOJ to open an investigation into claims the company lied to Congress. Such transactions are now at the center of Binance’s regulatory woes, with sprawling inquiries by the SEC and Commodity Futures Trading Commission. “ is the gateway of the Binance treasury.” She also played a crucial role overseeing multiple entities that Zhao used to fund his lavish lifestyle, including purchases of a $55 million jet and an $11 million yacht, according to the SEC.
While paying herself at least $32 million since 2019, according to court filings, Chen has had sign off on some of Binance’s most questionable and consequential business transactions, overseeing trades to allegedly artificially pump up the volumes of trading on the platform to drum up customer and investor interest-a key focus of the SEC’s fraud allegations.
“She is the gateway of the Binance treasury.”Ĭourt records, land deeds and corporate filings from China, Malta, Singapore, Switzerland and Turkey reviewed by Forbes, and four former Binance employees and an external consultant who have known or worked with Chen, paint a portrait of an elusive crypto leader who has followed Zhao around the world. “Heina is the person CZ trusts,” said a former Binance executive who worked alongside Chen and Zhao.
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