Inside the long slide of Binance – and its lucrative Australian business

Yew, who is now in the process of launching a bitcoin ETF through his Monochrome Asset Management, was in favour of working with regulators. As far back as 2014, he had lobbied the federal government to think about establishing some legal guidelines. But Zhao, as the Justice Department investigation found, was much happier to exploit a grey zone about how existing laws applied to nascent, but growing, cryptocurrencies. With no fixed address and a web of companies in opaque jurisdictions, Zhao was happy to run money through as many cryptocurrencies as the market could handle without asking too many questions….