![]() Meanwhile, Zhao also has some leverage in the form of Binance’s ability to help track down bad guys using the platform. altogether-the company is still doing brisk business in Asia and offshore. Even as the investigation has forced him to retreat from key markets-and to pull Binance staff out of the U.S. ![]() The Biden administration has made clear it would be delighted to see crypto wiped out altogether, while there is a loose consensus among economist types that a crypto meltdown would be unlikely to cause wider contagion.Ī final explanation for why the Justice Department may be backing off slightly in its Binance investigation is that Zhao, the company’s CEO, has a few cards to play of his own. Now, even though those divisions-including prosecutors versed in sanctions law-have joined the party, the investigation may now amount to a sprawling mess that the agency just wants to be done with.Īnother possibility is that the Justice Department has decided it would be a bad idea to blow Binance up altogether since doing so could cause a financial cataclysm in the crypto markets that spreads to other parts of finance. ![]() One person familiar with the proceedings recently told me that the Binance file was initially handled by “main Justice,” which they described as a bureaucratic blob compared with the agency’s more specialized divisions. One is that the agency has mishandled the investigation. If the Justice Department is indeed easing up, the question is why.
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