More Crypto Fraud - This Time it's Binance

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.

In order to add a comment – you must Join this community – Click here to do so.

Real Estate Listings


Sponsored Business

Find Business

Advertise here!