[7] His father worked as a university instructor before he was branded a "pro-bourgeois intellect" and exiled to rural areas shortly after Zhao's birth.

[8] During his teenage years in Canada, Zhao helped to support his family by holding down a number of service jobs, including working as a fast-food clerk at a McDonald's restaurant and a gas station.

[19][20] The agency accused Binance of breaking rules intended to thwart money laundering operations,[21] pointing to internal communications describing transactions by Palestinian militant organization Hamas, and suspected criminals.

[25] In November 2023, Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to U.S. federal charges.

[27] Zhao pled guilty to violating the American Bank Secrecy Act by prioritizing Binance's growth over compliance with the Financial Crimes Enforcement Network's anti-money laundering requirements.

[33] In an interview with The New York Times, Zhao said people are getting into crypto as they see it grow, "trade it and make money off it as opposed to using it," but that the market will always self-correct.

"[10] Zhao has said he plans to donate up to 99% of his wealth, following the philanthropic examples of other global business magnates and investors such as Bill Gates and Warren Buffett.

[46] Following the collapse of the Terra ecosystem in May 2022, which led to billions of dollars in losses for investors, Binance was accused of actively promoting LUNA and UST tokens as safe investments despite warning signs of their instability.

[51] --- Since its inception in 2017, Binance has been repeatedly accused of involvement in organized financial crime, including money laundering, sanctions evasion, and predatory practices in the cryptocurrency sector.

[56] The SEC's lawsuit emphasized that Binance prioritized profits over investor protection and engaged in illegal activities by failing to register its services.

In March 2023, the Commodity Futures Trading Commission (CFTC) sued Binance, accusing it of violating U.S. derivatives laws and failing to implement anti-money laundering measures.

[58] In November 2023, Binance and CZ pleaded guilty to multiple federal charges filed by the U.S. Department of Justice (DOJ), including violations of anti-money laundering laws, operating an unlicensed money transmission platform, and breaching international sanctions.

[52] Binance agreed to pay a record $4.3 billion fine, while CZ personally paid $50 million and received a four-month prison sentence.

[59] Additionally, in November 2023, the Financial Crimes Enforcement Network (FinCEN) imposed a $3.4 billion civil penalty on Binance for its failure to comply with anti-money laundering and counter-terrorist financing regulations.

[60] Binance has also been accused of facilitating the circumvention of international sanctions imposed on countries such as Iran, allowing cryptocurrency transactions worth billions of dollars despite legal restrictions.

[61] These allegations add to claims of collaboration with criminal organizations, including money laundering linked to drug trafficking and other illicit activities.