First, the flight of the tuyere pig
In 2017, a cryptocurrency trading platform called Binance was founded in China. This seems to be one of thousands of trading platforms, and the founder, Changpeng Zhao, was not well-known at the time.
But it didn't last long, and just a few months later, the platform surpassed 5 million registered users and surpassed $10 billion in daily trading volume, making it the world's largest cryptocurrency trading platform.
With his keen judgment of the cryptocurrency industry, Changpeng Zhao successfully captured the tuyere and became a flying pig at the cusp. Binance's boom has brought Changpeng Zhao himself great wealth.
In January 2022, Changpeng Zhao's personal wealth reached 94.1 billion US dollars, surpassing Zhong and becoming the richest man in China. A future legend seems to begin.
Second, the wandering Binance
However, the good times are short-lived, and sooner or later regulation in the cryptocurrency space will come. Countries are increasingly scrutinizing cryptocurrency platforms.
China** is cautious about cryptocurrencies, and Binance clearly can't gain a foothold in China. Changpeng Zhao can only take Binance to wander around, looking for a place to stay.
From Japan to Singapore, to Malta and the United Kingdom, Binance is like a homeless wanderer, wandering around, suddenly setting off in a fleeting way. Binance, which has drifted along with regulatory trends, has become a "drifting platform".
3. The mysterious Changpeng Zhao
If Binance is a platform for public wandering, then Changpeng Zhao himself is like a ** person whose whereabouts are a mystery.
He has all but disappeared from public view, and no one knows his whereabouts anymore. He claimed that he was in **, which is the headquarters of Binance.
A billionaire at the level of the richest man, but it is like living a tribal wandering life. The saga continues to play out on him.
Fourth, the pursuit of the United States
However, no financial institution can escape regulation, no matter how mysterious and low-key you are. Binance and Changpeng Zhao were not spared.
In the United States, the world's financial center, how did Binance and Changpeng Zhao circumvent the supervision of the United States?It's impossible.
The U.S. Department of Justice charged Changpeng Zhao with money laundering;The U.S. Commodity Exchange Commission charged it with illegal trading. Two super-powerful institutions shot at the same time, and Binance fell into an unprecedented crisis.
Last month, Changpeng Zhao chose to plead guilty and reached a settlement with the U.S. Department of Justice, with Binance and Changpeng Zhao paying sky-high fines respectively.
Fifth, ** buy peace
Just when everyone thought the turmoil had subsided, the U.S. Commodity Exchange Commission's investigation results came out - Changpeng Zhao had to pay another fine of more than $2.8 billion!
Together with the previous fines, Binance and Changpeng Zhao were fined a total of about 52.7 billion yuan. For a company and an individual, this is astronomical.
However, it also opens up the possibility for Binance to be legalized in the United States. Buying peace with money may be worth it to Changpeng Zhao. He's back in the spotlight, but Binance still has a hard time ahead.
6. The unstable cryptocurrency market
Surprisingly, the cryptocurrency market has not been as turbulent as one might have imagined during this turmoil. Since the beginning of this year, except for a brief decline, the overall situation has remained stable.
The market has long been accustomed to the regulatory movements of cryptocurrencies in various countries. This speaks volumes about the resilience and maturity of the cryptocurrency market. It has become a force to be reckoned with.
Seventh, the lesson of the tuyere pig
The legend of Changpeng Zhao is full of legends. An ordinary person becomes a rich man at the time of the storm, and becomes a wanderer when regulation comes.
There is time and opportunity, and there is personal judgment, but at the same time, there is also an element of hype. We need to be rational, because the storm will pass. This is a lesson for any industry.
8. The future of cryptocurrency
Despite the bumpy road, cryptocurrencies have become an irreversible trend. It represents the future direction of fintech development.
We should not shy away from them or become obsessed with them because of individual cases. Regulation and development are not contradictory, it just takes time to find a balance.
Just like anything new, cryptocurrencies need to go through this regulatory storm before they can eventually reach maturity. Its future remains promising.
Closing Remarks:
From the cusp pig in 2017 to the US sanctions in 2023, Changpeng Zhao and Binance have lived a microcosm of an era with their legendary experiences. This reminds us that we need to be calm about technological innovation and remain rational. The tuyere will pass, regulation will come, and what really deserves attention is the development of technology and the times.