More Crypto Fraud - This Time it's Binance

yahooyahoo

yahooyahoo

Nov 21, 2023 at 9:06pm

https://www.npr.org/2023/11/21/1214466415/binance-cz-changpeng-zhao-pleads-guilty-settlement-crypto-doj

The founder and CEO of Binance, Changpeng Zhao, agreed to plead guilty to money laundering violations and to step down from the world's largest crypto exchange as part of a sweeping settlement with U.S. law enforcement and financial regulators.

CZ, as he's widely known, will also pay a $50 million fine, while Binance will pay $4.3 billion in fines as part of the deal. The settlement will allow Binance to continue operating.

The future of crypto hinges on a fight between the SEC and a former burger flipper

The announcement from the Department of Justice, Treasury Department and Commodity Futures Trading Commission comes less than a month after federal prosecutors convinced a jury to find CZ's one-time rival, FTX founder Sam Bankman-Fried, guilty of seven criminal charges, including fraud and money laundering.

"Binance became the world's largest cryptocurrency exchange in part because of the crimes it committed — now it is paying one of the largest corporate penalties in U.S. history," said Attorney General Merrick B. Garland in a statement.

Main Discussions
Back to Subforum
Finance Category
In order to add a comment – you must Join this community – Click here to do so.

Featured Events

Help Wanted

Employment Wanted

Latest Jobs

Employment Wanted

Help Wanted

Advertisement