Binance, one of the world's largest cryptocurrency exchanges, developed a plan to avoid the threat of prosecution by U.S. authorities as it started an American entity in 2019, the Wall Street Journal reported on Sunday.
Any lawsuit from U.S. regulators, who had signaled a coming crackdown on unregulated offshore crypto players, would be like "nuclear fall out" for Binance's business and its officers, the WSJ said, citing a Binance executive's warning to colleagues in a 2019 private chat.
The report is based on messages and documents from 2018 to 2020 reviewed by The Wall Street Journal as well as interviews with former employees. Binance, founded in 2017, and Binance.US are more intertwined than the companies have disclosed, mixing staff and finances, and sharing an affiliated entity that bought and sold cryptocurrencies, the report said.
It noted that Binance.com operated mainly from hubs in China and Japan, yet a fifth of its customers were based in the United States. Binance.US is based in San Francisco.
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