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Binance is already the subject of serious regulatory lawsuits filed by the Securities and Exchange Commission and the Commodity Futures Trading Commission, and rumors have swirled that a criminal complaint by the Justice Department against both the company and Zhao are imminent. Sam Bankman-Fried, the founder of FTX, which had been a big crypto trading rival of Binance’s until it filed for bankruptcy in November, faces an October trial for fraud and other charges. On March 27, 2023, Zhao and Binance were both named in a suit brought by the Commodity Futures Trading Commission (CFTC) against the exchange in the U.S. After completing his education, CZ landed a job as a software engineer intern at the Tokyo Stock Exchange in 2001.