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Crypto's Richest Man Moves To Dubai As US Regulators Target Exchange

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On May 16, CEO Changpeng Zhao disclosed the extent of Binances own Terra-related losses.During the first few months of this year — back when buying digital tokens named after dog memes was still seen, at least in some of the most forward-thinking circles, as a perfectly reasonable way to participate in finance's bright new future — the cryptocurrency exchange Binance promoted a new, low-risk way to get in on the action.

It urged its customers to invest in something called TerraUSD. The token was what's known in the trade as a “stablecoin,” a type of cryptocurrency that functions a bit like a savings account and promises to always be worth $1.

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