The post Justin Sun’s Idol Is A Mix Of CZ And Vitalik  appeared first on Coinpedia Fintech News

In an interview that lasted about two and a half hours with Hua Zong, Justin Sun discussed various topics, from coconut chicken to making money. He discussed the need for new regulations in the industry. When asked if making money was the only criterion to measure success, he revealed that it was an indicator for entrepreneurs. If the enterprise makes a lot of money, it is a good enterprise. His idol is a mix of CZ and Vitalik, and work is his only important thing at this stage. He also stated that SBF has set the industry back five to ten years by itself, casting a negative impact on the entire industry.

Key Points:

Justin Sun likens running a business to playing Texas Hold'em, emphasizing strategic risk-taking where the "winner takes all."

Sun admires a mix of Binance's CZ and Ethereum's Vitalik Buterin for their business acumen and visionary approaches.

Criticizing SBF, Sun believes the FTX collapse set the crypto industry back by 5-10 years, highlighting significant repercussions.

Justin Sun shared intriguing insights into his business philosophy and personal inspirations. Sun likened the nature of running a business to playing Texas Hold'em, emphasizing that it is a high-stakes game where the "winner takes all."

"Running a business is very similar to playing Texas Hold'em. It's a strategic game where you must be prepared to go all in and take calculated risks to come out on top," Sun explained. This analogy highlights his competitive spirit and the high-risk, high-reward dynamics of the business world, particularly within the volatile cryptocurrency industry.

Admiration for Crypto Industry Leaders

Justin Sun also revealed his admiration for two major figures in the crypto space: Binance's Changpeng Zhao (CZ) and Ethereum's Vitalik Buterin. "My idol is a mix of CZ and Vitalik," he stated, acknowledging the unique contributions of both leaders. CZ is known for his business acumen and ability to scale Binance into a leading global exchange, while Vitalik is celebrated for his visionary approach and technical innovations with Ethereum.

Justin Sun emphasized that work is his sole priority. "Work is the only important thing for me right now," he declared, underscoring his commitment to advancing his projects and the broader cryptocurrency ecosystem.

Reflecting on the impact of recent controversies in the industry, Sun criticized Sam Bankman-Fried (SBF), the founder of the now-defunct FTX exchange, stating that SBF's actions have set the industry back by five to ten years. This comment highlights the significant repercussions of FTX's collapse on market trust and regulatory scrutiny.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance France has replaced co-founder Changpeng Zhao with two new shareholders, the company told DL News on Tuesday.

The move is designed to ensure that the world’s top crypto exchange doesn’t lose its right to operate in the European Union’s second biggest economy.

Zhao, who pleaded guilty to violating US banking law last November, owned 100% of Binance France, the crypto company’s central hub in the EU.

Under French regulations, the majority shareholder of a company cannot be a criminal.

New shareholders

Keeping Zhao in place would have endangered the company’s standing in France, and in turn, the European Union when a landmark new law takes effect at the end of the year.

“The new shareholders of Binance France are both co-founding team members of Binance,” a Binance spokesperson told DL News on Tuesday.

An official update on the French business registry shows the Binance France shares are split between Yulong Yan and Lihua He, who hold 50% each.

The question is: Who are they?

Yulong Yan, who also uses the English name Allan Yan, is identified as a team member in the original Binance whitepaper. Yan was a co-founder and product director of now-closed Chinese exchange services company Bijie Tech.

“Two years before Binance, I started a company called Bijie Tech,” Zhao wrote in a 2022 Binance blog post. “Unfortunately, in March 2017, the Chinese government shut down all such exchanges.”

Lihua He is not named in the original Binance whitepaper published in 2017.

A Binance spokesperson declined to provide any information regarding this shareholder, and did not immediately respond to a request for comment on whether Zhao was compensated for his shares.

Turning the page

The shareholder swap the latest sign Binance is trying to turn the page on the Zhao era, which hit the wall last November when Binance pleaded guilty to violating US banking laws by permitting criminals and sanctioned entities such as terror groups to use the exchange.

Binance paid a $4.3 billion penalty and agreed to hire court-approved independent monitors to develop anti-money laundering and know your customer practices. Zhao, known as CZ, was sentenced to four months in prison.

Zhao was succeeded as CEO by Richard Teng, a former Singapore central bank regulator, late last year.

Global restructuring

The ownership swap is part of a “global restructuring project” Binance is undertaking this year.

In a blog post Binance published on Tuesday, the company said the French subsidiary has made these changes to make sure it complies with rules for digital asset service providers in France.

The French Financial Markets Authority, or AMF, sent Binance a notice in December that Binance France to adjust its operations following the conviction of Zhao.

MiCA passporting

The Markets in Crypto-Assets regulation, or MiCA, allows companies to “passport” their licence from one base country to the rest of the 27-nation EU.

The new regime, which will kick in over the coming two years, is expected to foster greater investment in the digital assets industry on the continent.

That means companies like Binance need to pick one country in which to apply for a licence.

France has served Binance as an important strategic hub in Europe over the past years. Binance invested €100 million in the French crypto industry in 2021.

Binance executives have headlined events in Paris, and government officials welcomed Binance to the French capital.

But Binance also faces two investigations from prosecutors focused on potential money laundering and serving ads to the public before they were registered with a regulator.

Taken together with Zhao’s conviction, legal experts are unsure whether regulators will approve Binance’s licence under MiCA when tougher rules for exchanges go live in 2025.

Inbar Preiss is a Brussels-based regulation correspondent. Contact her at inbar@dlnews.com. Callan Quinn is DL News’ Hong Kong-based Asia Correspondent. Get in touch at callan@dlnews.com.

Binance France has replaced Zhao with new shareholders, Yulong Yan and Lihua He.

Regulatory compliance prompted the shareholder to change to keep operational rights.

The move aligns Binance France with local laws, ensuring future growth under MiCA.

Binance France, the European arm of the world’s largest cryptocurrency exchange, has undergone a significant ownership reshuffle in response to regulatory hurdles faced by its founder, Changpeng Zhao.

Previously the sole owner of Binance France, Zhao acknowledged violating US banking regulations. French law prohibits companies from having majority shareholders with criminal records.

To ensure continued operations in France and the broader European Union (EU), Binance France has brought in Yulong Yan and Lihua He as new shareholders, replacing Zhao. This strategic decision mitigates potential legal risks associated with Zhao’s past actions, especially as new regulations are set to take effect in the EU.

Public filings reveal that Yan and He each hold a 50% stake in Binance France. Yan, also known as Allan Yan, was a key contributor to the initial Binance whitepaper and co-founded Bijie Tech, a Chinese cryptocurrency exchange, with Zhao. Incidentally, Bijie Tech was shut down by the Chinese government in 2017.

The role of Lihua He, who was not mentioned in the original Binance whitepaper, remains unclear. Binance has not yet responded to inquiries regarding He’s background or whether Zhao received any compensation for relinquishing his shares.

The ownership restructuring marks Binance’s attempt to move beyond a tumultuous period in November 2023. Following its admission of violating US banking regulations, Binance agreed to implement compliance measures and paid a hefty $4.3 billion fine. Richard Teng, a former Singaporean central bank regulator, assumed the CEO position in late 2023.

This ownership change in France is a key component of a broader reorganization effort undertaken by Binance this year. The company asserts that these adjustments are necessary to adhere to regional regulations governing digital asset service providers.

In December, the French Financial Markets Authority (AMF) issued a warning to Binance France, prompting the company to modify its operations following Zhao’s legal troubles.

The Markets in Crypto-Assets Regulation (MiCA), expected to be implemented soon, will establish a framework for regulating cryptocurrency activity across the EU’s 27 member states. MiCA is expected to stimulate investment in the digital asset sector and requires companies like Binance to designate a base country for licensing purposes, facilitating a “passporting” system for operating throughout the EU.

The post MiCA Spurs Binance Restructuring: French Arm Gets New Shareholders appeared first on Coin Edition.

Binance France has appointed new shareholders who now equally own 100% of the company. This move comes in response to a warning from the country’s Financial Markets Authority (AMF) issued in December.

The AMF’s warning was linked to issues involving the company’s original beneficial owner, Changpeng Zhao, and his entanglement with U.S. regulatory bodies including the Justice Department, Commodity Futures Trading Commission (CFTC), and the Treasury’s Financial Crimes Enforcement Network. As a result, Zhao, the former CEO of Binance, has been compelled to divest his ownership in the company.

Zhao Withdraws from Binance France

According to a blog post, Zhao has already withdrawn from Binance France. This follows his guilty plea to U.S. charges in November, for which he has been sentenced to four months in prison. Notably, Zhao has not yet begun serving his prison term.

The identities of the new shareholders were not disclosed by the crypto exchange. However, the Pappers information service identified them as Lihua He and Yulong Yan. Both individuals are reportedly members of Binance’s founding team, with Yan being recognized as Allan Yan, the first product director. 

Allan Yan was also a co-founder of Bijie Tech, a company established by Zhao before Binance to provide software for cryptocurrency exchanges. Bijie Tech was shut down in 2017, the same year Binance was launched. Little information is available about Lihua He, as she is not mentioned in the firm’s white paper.

Complying with MiCA

This ownership change is crucial under the Markets in Crypto-Assets (MiCA) regulations, which allow a company licensed in one European Union country to passport its license across all 27 member states. Binance had received AMF approval in May 2022, after operating illegally in France since 2020. Prior to this approval, the company was under investigation for potential Anti-Money Laundering (AML) violations.

Binance France has faced additional challenges, particularly in securing a banking partner. This difficulty was exacerbated following the CFTC’s lawsuit against the firm in March 2023. The regulatory scrutiny also contributed to an exodus of top executives from the company, including the departure of Binance France’s executive director, Stéphanie Cabossioras, in October 2023.

Binance Faces Regulatory Hurdles

The regulatory hurdles are not confined to France. In June 2023, Binance was denied a virtual asset service provider license in the Netherlands. Additionally, Belgian regulators ordered the closure of the firm’s operations in the country later that same month.

Despite these setbacks, Binance France continues to navigate the complex regulatory landscape. The company’s restructuring and compliance efforts reflect its commitment to adhering to regional regulations while striving to maintain its position in the competitive cryptocurrency market. The appointment of new shareholders and the continued efforts to secure regulatory approvals underscore Binance’s strategic maneuvers to stabilize and sustain its operations in Europe.

The post Binance France Announces New Shareholders Amid Regulatory Pressure appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Justin Sun, the founder of the TRON Foundation has commended Changpeng ‘CZ’ Zhao, the founder and former CEO of Binance exchange. In a series of tweets, he emphasizes the advantages of doing the right things (effectiveness) over focusing on profit.

The crypto prominent figure also mentioned Jack Ma, the founder of Ali Baba, the multinational e-commerce company, in the thread. Sun highlighted the lessons he has learned from the two figures concerning handling businesses. Let us take a look at what he said.

Always Do What is Right, Because it is Right

Earlier today, the Chinese-born Grenadian cryptocurrency entrepreneur and business executive, Justin Sun, shared his thoughts and business lessons he has learned from CZ and Jack Ma. According to him, the second thing he learned from the two founders is to always do the right things as opposed to doing the easy things.

Sun stressed that the right thing is often difficult and might not yield the desired profit in the short term while quoting the famous words of Ken Watanabe “Always do what is right, because it is right.”

The second lesson I learned from Jack Ma and CZ is to always do the right thing, not the easy thing. The right thing is often difficult and may not yield immediate profits. However, always remember, "Always do what is right, because it is right."

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 26, 2024

Furthermore, Sun recalled Jack Ma’s days at Hupan University, saying that during that time, Ma continuously emphasized that a company’s ultimate value does not come from its profits, but from the value it provides to its users. “Doing the right thing for users, rather than focusing on profit itself, is crucial,” he wrote.

Still, on the same thread, Sun defines what profit means to him. According to his tweet, making easy decisions may lead to profitability in the short term, however, in the long run, it can undermine the fundamental value to users, stating that “Profit is merely a byproduct of the value provided to users.”

Next, he referenced Zhao’s entrepreneurial journey, stating that he observed a similar pattern from the embattled Binance founder. From CZ’s journey as a businessman, Sun had observed that a good company achieves significant profit by providing high user value “through consistently doing the right thing.”

Importance of Protecting the Users

Meanwhile, Sun had previously highlighted the first lesson he learned from CZ and Jack Ma. In a separate tweet, Sun recalled his days of studying at Jack Ma’s Hupan University. According to him, during that time, Ma always emphasized the importance of protecting users, stating that Ali Baba mainly focuses on its users before investors, partners, and employees.

The first lesson I learned from Jack Ma and CZ: Protecting the user. When I was studying at Jack Ma's Hupan University, he repeatedly emphasized the importance of protecting users. At Alibaba, the priority of users is above investors, partners, and employees.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 22, 2024

What is more, Sun likened the mindset of Ma to CZ, saying that in his eleven years of entrepreneurship, CZ has become another exemplary model of user priority. “Users should always be placed at the top of all interest distributions,” he wrote.

Finally, Sun stressed that achieving this does not come easy, adding that companies should always remind themselves that the interests of the users are always the top priority.

Lastly, Sun commented on the forthcoming U.S. presidential elections, urging the public the support a presidential candidate who is pro-crypto. “We need to demonstrate to the candidate that the cryptocurrency community, companies, and protocols are significant stakeholders whose voices should be heard and whose interests should be protected,” he concluded.

The post Justin Sun Commends Changpeng Zhao, Emphasizes Effectiveness Over Profit appeared first on Coinfomania.

Ronaldo Announces Fourth NFT Collection with Binance

NAIROBI (CoinChapter.com) — Football legend Cristiano Ronaldo has announced the imminent launch of his fourth non-fungible token (NFT) collection on the Binance NFT Marketplace. The collection, slated for a May 29 debut, will showcase iconic moments from Ronaldo’s illustrious career, inviting fans to “join the journey.” While the number of NFTs and pricing details remain under wraps, the announcement comes amidst ongoing legal troubles surrounding Binance and Ronaldo’s previous NFT ventures.

A snippet of Cristiano Ronaldo’s post on X Cristiano Ronaldo’s NFT Journey with Binance

Cristiano Ronaldo’s new NFT collection will highlight key moments from his illustrious football journey. The collection’s exact number of NFTs remains undisclosed until the launch. While most NFTs will have fixed prices, the final Super Rare NFT will have different pricing, per Binance’s blog post. Ronaldo commented,

“My football journey has seen me travel around the world, and I’ve been honored to play for some of the most prestigious clubs out there. Now it’s your turn to join me on that journey too.”

The collection not only celebrates his career but also aims to engage his fans in a unique way. Previous NFT events involving Ronaldo included perks beyond the digital realm. Holders were invited to play football with Ronaldo as part of the Binance promotion. This new collection might also include similar exciting benefits for NFT holders.

Cristiano Ronaldo 4th NFT collection count down. Source: Binance

This latest collection follows a series of successful NFT collaborations between Ronaldo and Binance. However, previous events have sparked controversy. In November 2023, a class-action lawsuit was filed against Ronaldo in a U.S. district court in Florida, alleging his involvement in the “offer and sale of unregistered securities” with Binance.

Ronaldo Defies Legal Headwinds, Gears Up for Binance Drop

The lawsuit claimed Cristiano Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.” This stemmed from Binance’s broader legal troubles, including founder Changpeng “CZ” Zhao’s conviction in the U.S. for enabling fraud. Zhao received a four-month detention sentence in April 2024 for his role in an alleged money laundering scheme.

Despite these challenges, Ronaldo’s partnership with Binance remains strong. Fans and collectors expect the new collection to draw significant attention. It represents another chapter in Ronaldo’s digital ventures, blending sports and technology.

Above all, Binance remains optimistic about the new collection, seeing it as an opportunity to engage with Ronaldo’s global fanbase and the broader NFT community. As the launch date approaches, fans and collectors eagerly await the details of the new NFTs and the unique experiences they may offer.

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