CFTC sues Binance and CEO Changpeng Zhao [pdf]
CFTC sues Binance
The Commodity Futures Trade Committee has brought a civil action suit to Binance, Changpeng Zhao, and the CCO Samuel Lim. The lawsuit is because Binance ,as an organization, has been actively soliciting and profiting off the United States customer base without complying with United States securities compliances.
I saw this coming after the accidental investigation of Sam Bankman-Fried, and after Shou Zi Chew couldn’t take the heat in congress for Tik Tok. It’s a nice cocktail of the two ventures, but this still looks the same.
As a recent graduate starting my entrepreneurial endeavors, it almost seems necessary to clash with authorities or at least impossible to avoid them. A key to successful business I have watched thus far is positive momentum. In large part, that comes from your sales team andthe biggest salesmen of them all, your CEO.
But momentum on a plane you are engineering in the sky, does not seem like the smartest thing to do. But I know that is the trend and the basic blueprint of a money-making start-up. The companies that shoot up to our watchlist, the companies that have their tickers’ trending on Twitter. Those companies started like how Bernie Madoff started and were forced to comply afterward.
Mark Zuckerberg is inspirational in his early rise to the top of tech. From hacking his father’s computer to the Harvard University Campus databases, Mark only acted and thought about it when he got called to the office.
Bill Gates is the perfect example, and it’s perfectly hidden from most of the public. Did you know Bill Gates “stole” the idea of a graphical user interface that would become Windows? It is not legally enforceable because the Xerox Research Facility basically gave their ideas away by not protecting them. Steve Jobs was there as well, I’m sure.
They sold those ideas and made it their own.
But this is not a slight to those legends who took the American Dream to heart (except Madoff). This is the recognition of the role of the CEO, in my eyes, the person in the company who can sell the mission without anyone seeing it, the person selling someone on a dream with their eyes open, facing reality. Is that wrong?
Yes, that is wrong.
Patience is a virtue.
Planning and being ten steps ahead of your counterparts in reality is smart. Selling someone with truth is groundbreaking.
Changpeng Zhao made the common mistake these commercial CEOs make, which is the lack of planning ahead. I’m sure Zhao knew he would want United States consumers to have Binance accounts. That means you plan with United States Compliance right after mastering technology. According to Samuel Lim, Zhao’s priority for commercial success over U.S. compliance was a “biz-decision” this makes sense when the mantra is “you need money to make money,”. I aim to be a CEO in my own way, but I don’t expect it anytime soon.
You can plan it first. Put it in God’s hands.
- Real