Charles Morgan Meet Binance’s ‘Real CFO’ | BlackRock Spot Bitcoin ETF

From: Forbes Crypto Confidential - Saturday Jun 17, 2023 06:00 pm

CZ’S SECRETIVE ASSOCIATE HOLDS BINANCE PURSE STRINGS

In the U.S. Securities and Exchange Commission’s sprawling lawsuit against the Binance crypto exchange and its founder Changpeng Zhao, one name appears over and over again: Guangying “Heina” Chen.

She seemingly has no official title at Binance or visible public presence, though company documents obtained by the SEC describe her job as “finance director.” The company hadn’t publicly acknowledged Chen’s existence at all before posting a blog by Zhao last September that downplayed her role as overseeing “admin and clearing.” However, a Forbes investigation found that Chen has controlled more bank accounts and served as a director at more Binance entities than any other executive besides Zhao. Read more.

BINANCE FACES LENGTHY COURT SLOG EVEN IF IT EVADES ASSET FREEZE

Binance seems likely to avoid an asset freeze that would have crippled its ability to do business in the U.S., but it faces a long battle with the SEC over charges that it ignored the country’s financial-services regulations and is also at risk for criminal penalties if the Department of Justice brings charges of its own. A federal judge on Tuesday urged the company and the SEC to strike a compromise that would allow Binance to continue its U.S. operations as it fights a civil lawsuit from the regulator. A status update on the negotiations had been expected Thursday but was still unavailable as of Friday noon in New York.

Source: Forbes Digital Assets. Prices as of 2:00 p.m. on June 16, 2023.

BLACKROCK FILES TO LAUNCH A SPOT BITCOIN ETF

The world’s largest money manager, with $9.1 trillion of assets under management at the end of the first quarter, submitted a preliminary prospectus for the iShares Bitcoin Trust, late on Thursday afternoon New York time. The exchange-traded fund (ETF) is meant to own bitcoins that are to be held in custody by Coinbase, the largest U.S. crypto exchange, and looks as much like a self-fulfilling strategy as an attempt to gain approval for an investment format that has repeatedly been rejected by U.S. regulators. Read more.

U.S. OWNS MORE BITCOIN THAN ANY OTHER COUNTRY

From the increasingly ferocious federal crackdown on the cryptocurrency business, it might appear the U.S. government cannot stand digital currencies. Yet there is a love-hate dynamic: the Treasury is sitting on a stash of 207,189 bitcoin, worth $5 billion, by far the largest such state-owned hoard.

While many other countries have been disposing of their crypto, according to new research provided exclusively to Forbes, the U.S. has been steadily adding to its supply as a result of asset seizures. Last year, the U.S. held 69,640 bitcoins. That was 94% of the original cryptocurrency in global government coffers at the time. Click here to see the largest sovereign bitcoin holders.

ELSEWHERE

Tether’s Banking Relationships, Commercial Paper Exposure Detailed In Newly Released Legal Documents [CoinDesk]

Binance To Quit The Netherlands And Faces Investigation In France [The Guardian]

How The SEC Could Cripple Crypto Venture Capitalists [The Information]

Steven Elrich
Nina Bambysheva
Reporter
Forbes Money & Markets

Steven Elrich
Steven Ehrlich
Editor
Forbes CryptoAsset & Blockchain Advisor

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Charles Morgan Meet Binance’s ‘Real CFO’ | BlackRock Spot Bitcoin ETF