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Binance’s ‘VIP’ traders were forewarned of $4 billion settlement penalty

Binance’s biggest traders, attending a conference in Singapore this September, were privy to the crypto exchange’s forthcoming settlement with U.S. authorities during a luxurious private dinner.

The exclusive gathering, held in the sophisticated 1880 members-only club, saw a select group of market makers and traders, referred to as VIPs, gain insight into Binance’s impending legal turmoil amidst a setting of American Angus beef and Australian truffles, according to several attendees, Bloomberg reported.

The attendees broke off into smaller groups and reportedly quizzed Binance executives on the company’s legal troubles, raising the likelihood of a $4 billion fine and leaving convinced the firm could afford and would pay it.

Binance’s now-former CEO Changpeng “CZ” Zhao was notably absent, while Richard Teng — who replaced Zhao as CEO last week — was there but asked not to be identified discussing the private gathering, according to Bloomberg.

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