But Zhao’s journey at Binance has been far from smooth sailing — the company has been embroiled in several controversies.
REUTERS/Darrin Zammit Lupi
In a hack of the blockchain, $570 million in cryptocurrency trades on Binance were stolen in October. According to The New York Times. Zhao said to CNBC in an interview with them on OctoberNo users were affected by the attack and no bugs were found in the code. Binance hack is one example. biggest cryptocurrency hacksOf all times.
Binance wrote in a blog postIn the event of hacking in the future, the validators of the blockchain will decide whether the funds will be frozen. The decision would be made through a series of “on-chain governance votes” — the system that manages and implements changes to the blockchain. Binance said they will also be looking at implementing a bug bounty reward system, which would incentivize users to report bugs.
Binance was also a participant. Criticised for its links to China. Binance delisted Chinese trading pairs based on yuan in 2021. It served Chinese customers for many years. Protos, September article Chinese authorities ProhibitedAll transactions relating to crypto in September 2021
Zhao RespondedThese allegations were addressed in a September blog posting. Binance was not incorporated in China, and he stated that Binance doesn’t “operate culturally like a Chinese business.” He stated that he is a Canadian citizen and “permanently”.
Binance also garnered controversy for enabling Iran-based users to trade cryptocurrencies on the exchange despite US-imposed sanctions, According to Reuters’ July report.Binance advised Iranian traders to close their accounts in November 2018. However, seven traders continued to use the account until September 2021 even though the ban was lifted. Binance did not reply to Reuters’s requests for comment.
