Top traders at Binance allegedly gained insider knowledge about the exchange’s imminent settlement with U.S. authorities during a private dinner in Singapore in September, as reported by Bloomberg.
The exclusive event, held at the 1880 members-only club, involved discussions between VIP attendees and Binance executives regarding the company’s legal challenges, including speculation about a potential $4 billion fine.
The absence of then-CEO Changpeng “CZ” Zhao was noted, with his successor, Richard Teng, present but remaining unidentified. Despite a Binance spokesperson deeming the event’s portrayal inaccurate, participants left convinced the firm could afford and would settle for the suggested fine.
The exchange, currently grappling with legal challenges, including a violation of the Emergency Financial Powers Act, witnesses Zhao stepping down and Teng assuming the role of CEO.
Also Read: Binance CEO Changpeng Zhao To Resign, Plead Guilty
The reported revelation of insider information during Binance’s exclusive dinner raises concerns about transparency and fair market practices in the crypto industry.
