Is Binance crypto’s new whipping boy? Regulators in the United States, the United Kingdom, Canada, Japan, Thailand and the Cayman Islands have all recently issued warnings and even criminal complaints against the cryptocurrency exchange. Even Poland entered the fray as its financial regulator warned citizens to exert “special caution” when using Binance’s trading services.
Some have opined that the firm has only itself to blame for this recent burst of regulatory heat, but others fear the exchange is being held as a scapegoat for the entire crypto sector — which has grown too large too fast in the eyes of some authorities. Elsewhere, Binance CEO Changpeng Zhao, known as CZ, felt compelled to address the “recent hyper-focus on regulation when it comes to Binance” in a public letter.
Binance — founded in Shanghai in 2017 but with no publicly acknowledged headquarters at present — has never been a poster child for compliance. “Binance has a history of attempting to avoid