Crowder Securities Limited - Binance CEO Pleads Guilty, Resigns for $4.3 Billion Reconciliation

Binance, the world's largest cryptocurrency exchange, will pay one of the highest corporate penalties in U.S. history after federal officials accused it of breaching rules to gain market share.
 
WAN CHAI, Hong Kong - Nov. 22, 2023 - PRLog -- The business will pay $4.3 billion and founder Changpeng Zhao, known as CZ, will step down and plead guilty to felony money laundering charges from the U.S. Department of Justice.

In a court document from last week released Tuesday, the Department of Justice accused Zhao of violating the Bank Secrecy Act by failing to develop an effective anti-money laundering policy at Binance.

Before August 2021, Binance allowed many users to trade without proper KYC systems, the complaint alleges, because Zhao believed "requiring all customers to provide KYC information would mean that some customers would choose not to use Binance and others would be rejected by the compliance process—both of which would interfere with Binance gaining market share."

U.S. users might potentially deal with sanctioned users and criminal businesses without these regulations. Treasury Secretary Janet Yellen claimed the corporation handled over 100,000 transactions related to child sexual abuse, illicit drugs, and terrorism without reporting suspicious activities.

"Breaking the law with new technologies does not make you a disruptor. "It makes you a criminal," said Attorney General Merrick Garland during a press conference Tuesday.

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