![]() ![]() GURA: To other bitcoin true believers, CZ is a visionary. UNIDENTIFIED PERSON: It's a great pleasure. He's a crypto celebrity who's gotten top billing at business conferences all over the world, like one recently in Germany. And the agency says Binance sits atop a sprawling and shadowy web of corporate subsidiaries - a web that's been spun by Changpeng Zhao, better known by his initials, CZ. In a sweeping lawsuit, the SEC claims Binance is operating an illegal exchange in the U.S. GURA: Wall Street's top cop, the Securities and Exchange Commission, wants crypto companies to follow the rules every other financial firm has to. YADAV: It is an organization that is presenting a massive headache for regulators to understand how it works and the risks that it's creating. ![]() And that's led to scrutiny of businesses like Binance. Companies operate in a regulatory gray area. Well, that's a model that doesn't exist in traditional finance, and it's alarmed regulators, who argue crypto is like the Wild West. It's effectively a crypto Amazon, a one-stop-shop for everything. And Binance is also a marketplace for even riskier investments and digital art. In some countries, it offers a crypto debit card. Binance has a research arm and a lending business. GURA: It's a multibillion-dollar company with a gargantuan footprint, Yadav says. YESHA YADAV: It's really hard to overstate how important Binance is to the crypto ecosystem. She's an expert on digital assets at Vanderbilt Law School. But Binance is not just a trading platform like the New York Stock Exchange, according to Yesha Yadav. More than a hundred million people use it to buy and sell bitcoin and other cryptocurrencies. NPR's David Gura has the story.ĭAVID GURA, BYLINE: Binance may not be a household name. It's a fight between a powerful financial regulator and someone who went from flipping hamburgers to starting and running the largest cryptocurrency exchange out there. Now, a legal battle is underway that could determine crypto's future. They were supposed to revolutionize the world of finance, but cryptocurrencies have gone through a rough patch lately. ![]()
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