Binance tried to avoid U.S. regulatory scrutiny with a bare-bones American platform that it said was wholly separate from its more complex global operation. But private messages show the two businesses have been much more intertwined.
Binance exploded onto the crypto scene in 2017 and grew into the world’s biggest digital-currency exchange. It quickly ran into a problem.
It largely operated from hubs in China and then Japan, yet a fifth of its customers were in the U.S., where authorities signaled a coming crackdown on unregulated offshore crypto players. Any lawsuit from U.S. regulators would be like “nuclear fall out” for Binance’s business and its officers, a Binance executive warned colleagues in a 2019 private chat.
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