Binance’s CFO Heina Chen’s Rise To Power, The Profound Story

Key Points:

• Binance’s Chief Finance Officer, Heina Chen, controls more bank accounts and serves as a director at more Binance entities than any other executive except for CEO Zhao.
• Chen’s role in the company has been scrutinized recently, with allegations of artificially inflated trading volumes and questionable business transactions.

Binance’s Chief Finance Officer, Heina Chen, has been described as the “gateway of the Binance treasury” by a former Binance executive.

According to a Forbes investigation, Chen has controlled more bank accounts despite having no official title or visible public presence and served as a director at more Binance entities than any other executive except for CEO Zhao. In 2019, Chen was the sole signatory of nine bank accounts for BinanceUS, and her control of bank accounts and the number of physical entities she served as a director for was second only to Zhao’s.

She is currently a director of eight key Binance companies and was a signatory for dozens of bank accounts belonging to 27 entities registered in 13 countries, overseeing the company’s treasury and a spiderweb of companies that has processed $148 billion in deposits and withdrawals since 2019.

Chen’s role in the company has been scrutinized recently, with allegations of artificially inflated trading volumes and questionable business transactions. In the SEC’s complaint against Binance, the agency refers to a “Back Office Manager” executing phony trades, Chen. Court records, land deeds, and corporate filings reviewed by Forbes paint a portrait of an elusive crypto leader following Zhao worldwide.

While paying herself at least $32 million since 2019, according to court filings, Chen oversaw trades to allegedly artificially pump up the trading volumes on the platform to drum up customer and investor interest, a key focus of the SEC’s fraud allegations. She also played a crucial role in overseeing multiple entities that Zhao used to fund his lavish lifestyle, including purchases of a $55 million jet and an $11 million yacht, according to the SEC.

Chen’s control over Binance’s assets has raised concerns about the company’s lack of transparency and oversight. Despite the allegations, Chen remains at the helm of Zhao’s and Binance’s assets, with one former Binance executive stating that “Heina had all controls” and that “Zhao trusted very few people with access to money.”

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