**Binance Founder Faces $4.3 Billion Fine, But Another Crypto Firm Finds Growth in Asia**
### Growing Regulatory Challenges for Binance
The US government recently demanded a $4.3 billion fine from Binance Holdings Ltd. and accused its founder, Changpeng “CZ” Zhao, of various crimes. However, even before this development, the crypto exchange had been dealing with significant regulatory challenges globally.
#### Global Regulatory Woes
In Australia, Binance’s license for a derivatives operation was canceled and several of the company’s locations were searched. Singapore ordered the firm to stop doing business in the city-state. Hong Kong had warned more than two years ago that Binance was an unregulated platform. Even in Dubai, where CZ primarily resides, the exchange has not yet been granted full authorization.
### Trust Wallet, a Silver Lining
Within the broad CZ-owned portfolio of crypto companies, Trust Wallet, a software-based crypto wallet service, has been seeing growth in countries like India and Pakistan. The company is also eyeing potential business opportunities in the UAE.
#### Expansion Plans in Asia
Eowyn Chen, CEO of Trust Wallet, has expressed the company’s high priority for growth in Asia. She identified Southeast Asian countries such as Vietnam, the Philippines, and Indonesia as markets to expand into.
#### Global Popularity
Globally, the app-based service has 56 million downloads on iOS and Android, making it the most popular crypto wallet for handheld devices. It has seen about 8.5 million downloads in India and 3.5 million in Pakistan, making it incredibly popular in these regions.
#### Shifting Operations to the UAE
Chen, who moved to Dubai from Virginia in October, revealed that the company will be based in Ras Al Khaimah, UAE, aiming to diversify its risk management from a corporate perspective due to regulatory uncertainties in the US.
### CZ and Trust Wallet
While CZ doesn’t have a day-to-day role in Trust Wallet’s operations, he provides “operational strategic advice” as the majority owner of the entity. Trust Wallet remains optimistic about the UAE market due to its friendly outlook towards crypto and the likelihood of reasonable regulation on decentralized finance.
In summary, the regulatory challenges faced by Binance have not deterred Trust Wallet from finding growth opportunities in Asia and moving its operations to the UAE, where it sees a friendlier regulatory environment. With CZ’s indirect involvement and guidance, the company remains hopeful for continued growth and success.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
