Binance CEO Changpeng Zhao is the richest person in the cryptoverse.

In the early years of this year, when investing in Mimecoins was becoming more easily adopted, cryptocurrency exchange Binance introduced a new and less risky option to the market.

The company urged its customers to invest in TerraUSD.

This token was promoted like a stablecoin.

Binance told its customers that this stablecoin is offering them something special – the promise of 20 percent profit every year.

Binance indicated that TerraUSD is "safe" and "highly profitable".

However, Terra turned out to be neither safe nor profitable.

Critics say that this coin turned out to be a Ponzi scheme.

Due to this there was such an earthquake in the cryptoverse that there was a record drop in bitcoin again.

Companies around the world started firing employees and banned the withdrawal of customers.

Bitcoin is down about 70 percent from the level it was in November.

Seeing the condition of the market, it has been given the name of crypto winter.

Binance CEO has a different opinion

Along with investors, Binance has also suffered a lot due to this.

On May 16, the company's chief executive officer, Changpeng Zhao, the richest man in the crypto world, revealed the loss in his stake in Terra.

The company's stake had fallen from $ 1.6 billion to zero.

Although according to Bloomberg, Zhao said that "there are some things to know about me... I don't worry too much about money."

Even after Terra fell, Zhao's attitude was the same.

He said that no one is leaving the market, everyone is frozen, this is firmness and the market is moving forward.

This statement of Zhao does not get much weightage, because he is the richest person in the cryptoverse.

The cryptoverse - which is itself a money-making world.

There are many opinions about Zhao from above - some say that he is revolutionizing the world of digital currency, one sees him as the creator of alternatives that remove the world's stock exchanges, some even say that he is the world's biggest Running illegal casinos.

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In January this year, he was included in the list of the 10 richest people in the world, at least on paper.

According to the Bloomberg Billionaires Index, his wealth has now come down from $96 billion to $11 billion, with the fall of bitcoin.

Binance's troubles

Zhao hasn't always been a one-stop person.

Last year he shifted to Dubai.

Where he has taken an apartment for himself, a minivan and has also set up an office.

Zhao, a Canadian citizen of Chinese descent, moved to Vancouver at the age of 12 and earned a degree in computer science from McGill University in Montreal.

He coding for the Tokyo Stock Exchange.

Then worked for Bloomberg LP in New York.

Then moved to Shanghai.

In 2017 the foundation of Binance was laid there.

However, his statement came amid the Chinese government's action against crypto that he does not have an office in Shanghai. 

Money laundering, fraud and hacking have been a part of the crypto industry since its inception.

Even the most respected crypto projects are often under the scanner, but when it comes to Binance, its reputation speaks volumes for itself, with the company currently facing scrutiny from almost every US financial regulatory agency.

The Department of Justice, the Commodity Futures Trading Commission, the Internal Revenue Service and the Securities and Exchange Commission are all sitting openly against it. 

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Binance treats these investigations as if it is dealing with a government in the sense that the government has no specific idea of ​​crypto and the company is helping its investigation in this sense with an open heart.

However, it is not clear whether the investigating agencies also take the same view. 

A Reuters report in June this year reported that Binance was used to launder $2.35 billion, including money from dark web drug markets, North Korean hacking groups and scammers.

Binance is now also being investigated by the SEC, alleging that the company sold unregistered securities and engaged in insider trading during its 2017 ICO. 

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