However, the leaked messages also show that Binance.US and Binance are actually closely connected. This means that Binance may still be at risk of getting into trouble with US regulators. The executives were afraid that this could lead to a big problem, which they called a “nuclear fallout”.
Binance is a company that lets people buy and sell digital money. US regulators have the power to check on any financial company that works with US customers. So, Binance stopped letting US customers use their service to avoid getting in trouble with US regulators.
To stop US customers from using their service, Binance blocked people from the US from accessing their website. But leaked messages show that some Binance employees knew that some US customers were still using their service.
In one message, a Binance boss told some of their big customers to use a VPN. A VPN lets people hide where they are connecting from on the internet. This would let US customers use Binance even though Binance blocked them.
Binance.US is a company in the US that lets people buy and sell digital money. The boss of Binance.US, Catherine Coley, said that Binance.US is only using Binance’s technology. But secret messages show that Binance.US and Binance are working together more than they say publicly.
In one secret message, Coley told Binance.US workers to send updates on their work to Binance bosses. She said they should do this every week so that the bosses at Binance would know what they were doing.
These secret messages are a problem for Binance. They suggest that Binance and Binance.US are too connected. This could mean that the SEC, a group that checks on financial companies in the US, might look into Binance. In fact, news reports from February 2023 say that the SEC is already checking on Binance and Binance.US.
n the past, Binance said they weren’t very connected to other companies like WazirX in India and Paxos in the US when regulators were checking on them. Recently, the boss of Binance told people on Twitter to not believe false news.
This is important because Binance is the biggest company in the world for buying and selling digital money. If the SEC, a group that checks on financial companies in the US, looks into Binance and takes action against them, it could affect the whole digital money market.
