![]() (Zhou did not respond to Forbes’ request for comment). And it was Chen’s DocuSign signature (signing under her nickname, “Heina”), not Zhou’s, on an attestation form reviewed by Forbes of Binance’s assets and liabilities that was shared with Liechtenstein’s regulatory body. ![]() But it was Chen who wired $5 million into escrow from a Binance bank account held with Liechtenstein-based Bank Frick & Co., according to two people with knowledge of the deal and bank documents seen by Forbes. In one instance, where Binance tried and failed to acquire a bank in Liechtenstein, Binance’s then-CFO Wei Zhou negotiated the deal and met with local regulators. “ trusted very few people with access to money.” ![]() “Heina had all controls,” said one former Binance executive. The secretive Chen remains at the helm of Zhao’s and Binance’s assets. The SEC records and corporate filings in 30 jurisdictions reviewed by Forbes indicate that Zhao owns 100% of Binance’s international business and 81% of Binance.US. “The not interested in a resolution that is going to permit Binance to do business in anything close to its current form,” says Renato Marrioti, a former prosecutor with the Department of Justice’s Securities & Commodities Fraud division.ĭespite the headwinds, Zhao is still one of crypto’s wealthiest Forbes estimates he is worth at least $10 billion, though that number could be significantly higher, depending on how much of Binance’s profits Zhao has kept for himself. In the U.S., where Binance serves more than 5 million customers, volumes have fallen by more than 75% and the SEC has requested a freeze on more than $2.6 billion in assets, effectively halting Binance’s operations in its largest market. Since the SEC charges became public, Binance trading volumes have fallen by 32%. In May, Ontario’s Securities Commission launched an investigation into whether Binance was circumventing the province's securities law, prompting Binance to withdraw from Canada two days later and then file an application seeking to revoke the investigation. In April, Australian authorities canceled the financial services license of Binance's Australian subsidiary, leading to it being dropped by its payments provider. Binance, which claims to have no headquarters, has already withdrawn from or been banned in at least 10 countries.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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