Posted on Nov 21, 2023
CZ, founder of crypto giant Binance, pleads guilty to money laundering violations
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https://www.npr.org/2023/11/21/ [login to see] /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 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.
CZ, founder of crypto giant Binance, pleads guilty to money laundering violations
Posted from npr.org
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PO1 William "Chip" Nagel
..."Regulators issue warning to other crypto players
The deal ends investigations by the DOJ and the commodities regulator into Binance — though the company could still face hefty penalties from the Securities and Exchange Commission.
The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit
"The result of these agreements will be an end to company behavior that has posed risks to the U.S. financial system, U.S. citizens, and our country's national security for too long," said Treasury Secretary Janet Yellen, in a statement.
She also warned other crypto players they need to adhere to U.S. regulations.
"If virtual currency exchanges and financial technology firms wish to realize the tremendous benefits of being part of the U.S. financial system and serving U.S. customers, they must play by the rules," Yellen said. "And if they do not, the U.S. government will take action."
In a statement, Binance said it was "not perfect" and admitted that it did not have proper compliance controls, but said it always sought to "protect users since its early days."...
..."Regulators issue warning to other crypto players
The deal ends investigations by the DOJ and the commodities regulator into Binance — though the company could still face hefty penalties from the Securities and Exchange Commission.
The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit
"The result of these agreements will be an end to company behavior that has posed risks to the U.S. financial system, U.S. citizens, and our country's national security for too long," said Treasury Secretary Janet Yellen, in a statement.
She also warned other crypto players they need to adhere to U.S. regulations.
"If virtual currency exchanges and financial technology firms wish to realize the tremendous benefits of being part of the U.S. financial system and serving U.S. customers, they must play by the rules," Yellen said. "And if they do not, the U.S. government will take action."
In a statement, Binance said it was "not perfect" and admitted that it did not have proper compliance controls, but said it always sought to "protect users since its early days."...
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