Changpeng Zhao resigns as CEO of Binance
As part of a settlement with the Treasury Department and the US Commodity Futures Trading Commission, Binance CEO Changpeng Zhao will step down and plead guilty
Binance CEO Changpeng Zhao agreed with the Treasury Department and the US Commodity Futures Trading Commission to resign and plead guilty to several crimes.
According to The Wall Street Journal, the agreement between the parties “includes both he and the company pleading guilty to charges related to money laundering and paying a fine of 50 million dollars (45.9 million euros) for Zhao and 4.3 billion dollars (3.943 million euros) for Binance.”
The court determined that both the company and Zhao acted outside of US regulations between 2017 and 2022, contravening regulatory standards.
Laws in the United States have become more severe in the cryptocurrency market, where cases of theft and fraud have increased. In its desire for profit, Binance ignored the laws and also did not implement an effective program to prevent criminal or suspicious acts with cryptocurrencies.
The SEC has tightened surveillance of transactions with digital currencies, with special emphasis on countries to which it has applied sanctions and where irregular groups prevail.
Today, @USTreasury announced the largest enforcement action in our history against Binance, the world’s largest virtual currency exchange. This action is a result of Binance’s egregious violations of U.S. anti-money laundering and sanctions laws. https://t.co/V4IM0b16H3
— Treasury Department (@USTreasury) November 21, 2023
M.Pino
Source: elindependiente
(Reference image source: @Criptoinforme, red social X)
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