Why did Zhao Changpeng and Li Lin push off Buffett’s luncheon for the first time: compliance issues remain unresolved

Sun Yuchen should have not done a good job.

When Sun Yuchen successfully photographed the Buffett luncheon for $4,567,888, he told the media on June 4 that Wu Jihan, the founder of the most successful Bitland in the mining field, was the most successful founder of the exchange, Zhao Changpeng, domestically. Li Lin, founder of the most famous coin network in the currency circle, Vitalik Buterin (commonly known as “V God”), founder of Ethereum, Charlie Lee, founder of Litecoin. Going to lunch with Buffett.

But it was quickly "faced." On the evening of June 4, Li Lin said in a circle of friends: “Thanks to Yuchen for the invitation, a rare and “expensive” exchange learning opportunity will be delegated to the fire currency executives to represent me. Thanks again!”

On the same day, Zhao Changpeng also refused Sun Yuchen’s invitation on Twitter. He said that because "too far" "can not make a trip" and joked that "it is like rejecting $1 million."

The reasons for Li Lin and Zhao Changpeng are a bit "singular."

Li Lin still restricted from leaving the country

(Li Lin, picture from the network)

The reason why Li Lin can't go in person more reasonably may be that he is still out of the country.

On September 4, 2017, the central bank and other seven ministries and commissions issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing", requiring the domestic settlement of financing tokens and virtual currency transactions to be comprehensively cleaned up and rectified. On September 15th, Firecoin.com announced that it will notify all users to stop trading before September 30th; and will stop all digital assets against RMB transactions until the end of October.

Subsequently, the Beijing News reported that the heads and executives of major digital currency trading platforms, including Li Lin, were asked to cooperate with the investigation and restrict their departure from Beijing.

Then, the Daily Economics Chinese website revealed that the main executives of cryptocurrency exchanges, including Li Lin, were not allowed to leave the country. Until the beginning of this year, some people close to Li Lin revealed that Li Lin’s exit restrictions have not been lifted.

Mutual chain pulse learned from the relevant person in charge of the Fire Coin Group that the other party said that they did not know.

However, from Li Lin’s statement, Li Lin’s Buffett luncheon is a rare opportunity to exchange and learn. He does not seem to want to lose, so he will send people to participate in his own inconvenience.

Currency security is doubtful in US compliance

(Zhao Changpeng, picture from the network)

Zhao Changpeng, who runs around the world, refused Sun Yuchen’s invitation on the grounds of “too far”. The reason seems to be untenable. The reality is that the currency has not yet obtained the legal license of the major countries – including Japan, China, the United States, the European Union, the United Kingdom and so on. (Fire coins have obtained licenses from Japan and the United States)

In the above markets, the currency security faced the US regulatory authorities to question the most disclosures. Including the 18 exchanges on April 18, 2018, the fire currency and the currency security were investigated by the New York State Attorney General's Office (OAG). OAG requires that these 13 exchanges need to respond to the relevant questionnaires by May 1 this year. Mainly disclose trading rules, use of trading robots, internal control, power outages and other transactions are forced to suspend the situation, customer asset protection measures, conflicts of interest and other important business information, so that ordinary investors can better understand the risks and security. However, the currency security has adopted a refusal to cooperate with the United States.

In September 2018, the Office of the Attorney General of the United States (OAG) pointed out in a report that many cryptocurrency exchanges lack basic customer protection measures and are easily exploited by market operators. The Office of the Attorney General of New York submitted three exchanges to the New York State Department of Financial Services that may be illegally operated in New York State, namely, Champion, Kraken and Gate.io.

In addition to the New York State investigation, the currency security recently faced an investigation that may be involved in the IEO. On June 3, John Reed Stark, head of the US SEC law enforcement department, said that the US Securities and Exchange Commission will soon hit IEO, and IEO is just another false investment scam.

Those familiar with digital currency know that the currency is the leading exchange of IEO, and BitMEX Research released a report on IEO in May. The report shows that according to the IEO fundraising, the currency security is the largest IEO platform.

Chan Chang, CEO of Changan, said in an interview that Qian’an does not want to challenge the market position of Coinbase and Gemini in the US digital currency market. He believes that in developed markets like the United States can make more money, but need to accept more regulation and a large number of public relations lobbying, market competition is saturated.

However, from the attitude of the US regulatory authorities, it seems that they do not like the currency security.

Author: Mutual chain pulse commentator Yuan yet

Source: Interchain Pulse