Binance burst onto the crypto scene in 2017 and has become the world’s largest digital currency exchange. He quickly ran into a problem.
It operated mainly from hubs in China and then Japan, but a fifth of its customers were in the United States, where authorities announced a crackdown on unregulated offshore crypto players. Any legal action by US regulators would be like a “nuclear disaster” for Binance’s business and its executives, a Binance executive warned in a private conversation in 2019.
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