Such issues have only increased Binance’s reliance on its Lithuanian operation. First incorporated in 2020 as Binance UAB, Lithuanian authorities were initially skeptical: The country’s central bankagainst the company in July 2021, alleging that it was offering"unlicensed investment services.
Hai had joined Binance to lead its charity operations in 2018 and became the face of the company’s charm offensive on global regulators. She is one of several women to ascend to Binance’s highest ranks, including Guangying Chen and Binance’s cofounder, Hi Ye, with whom Zhao has children. Hai's earlier efforts to obtain a U.K. license for Binance also resulted in fraud allegations. In 2019, Hai had partnered with a South African entrepreneur, Simon Dingle, to set up Binance Digital Limited, a U.K. company that obtained compliance under Britain's temporary crypto registration. Zhao held 80% of the entity, while Dingle's business Dimplex held the other 20%.