The leaked Tai Chi document, a slideshow believed to have been seen by senior Binance executives, is a strategic plan to execute a bait and switch. Like other crypto-exchanges, the company makes money by charging trading fees, margin interest fees, futures fees and deposit and withdrawal fees. The exchange’s popularity among Americans prompted the creation of more compliant Binance.US, aka the Tai Chi entity, in September 2019. The alleged author of the Tai Chi document, Harry Zhou, is known for his experience launching American versions of Chinese companies. As for the Tai Chi document, perhaps the most important objective set out in the strategic plan is a directive inserted at the bottom of one of the pages.

Source: Forbes October 29, 2020 17:43 UTC