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The years 2021 to 2023 are already filled with irregular news about cryptocurrency exchanges. Individuals who were initially suspicious of cryptocurrency exchanges are now advocating for more frequent sanctions. One example of this came to light recently. According to the news, it was revealed that Binance had made an offer to the chairman of the SEC in the past.
Markets Shaken By This News
This offer, which was made before Gary Gensler became chairman of the SEC, was intentionally distorted on some news sites. It was portrayed as if an irregular offer was made while he was SEC Chairman, and this paid off in a very short time.
We have researched the true version of the news for you in detail. The business proposal between Binance and Gary Gensler, which ended before it began, looked like this.
It turns out that Gary Gensler received a consulting offer from Binance, the largest cryptocurrency exchange in the world, years before he became chairman of the US Securities and Exchange Commission (SEC).
This Offer Was Made While He Was Still At University
The Wall Street Journal reported that Gensler turned down this offer. The article said the offer was made while Gensler was attending MIT in 2018 and 2019.
Ella Zhang, former head of Binance’s venture arm, and Harry Zhou, who worked at a Binance-funded startup, met with Gensler in October 2018. “Gensler was liberal in discussing licensing techniques, but declined to be a consultant,” WSJ quoted Zhou as saying in a chat message, referring to discussions between Binance employees. He clarified how he used those terms.
This Is Not The First Employment Initiative
Binance has always sought to hire employees with U.S. government experience. Those efforts have extended to Binance US, the exchange’s U.S. branch. Brian Brooks, former director of the U.S. Office of the Comptroller of the Currency, was named CEO of Binance US in 2021. That same year, former U.S. Ambassador to China Max Baucus also joined Binance to help regulate Binance. These transfers were not limited to Binance.
In 2021, the exchange also appointed Manuel Alvarez, a veteran regulator in California, as chief administrative officer of Binance US.
