Even back in 2017, the year he launched the business in China, he had towering ambitions:"We want to take over the entire market!" he told staff in a company chat group.
"The idea that a five-year-old start-up could mature and operate at the same level as a financial institution that has been around for 200 years was once impossible to fathom," the billionaire wrote in January in a review of the previous year.That dream is looking more distant this week after Zhao and Binance were sued by the US Commodity Futures Trading Commission on Monday for operating an allegedly"illegal" exchange.
In response to the U.S. allegations, Zhao wrote in a blog on Monday:"The complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged."
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