Binance and CEO Changpeng Zhao to Plead Guilty in U.S. Settlement
Binance and CEO Changpeng Zhao to plead guilty in U.S. settlement, addressing anti-money laundering charges. Market reacts as BNB declines.
Binance and CEO Changpeng Zhao to plead guilty in U.S. settlement, addressing anti-money laundering charges. Market reacts as BNB declines.
This article is authored by an independent contributor.
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Binance Holdings Ltd., the world's largest cryptocurrency exchange, and its Chief Executive Officer, Changpeng Zhao, have agreed to plead guilty to criminal and civil charges in a settlement reached with the U.S. Justice Department. The deal, which also involves Zhao stepping down as CEO, addresses a range of allegations, including violations of anti-money laundering requirements, money laundering, bank fraud, and breaches of sanctions.
The comprehensive settlement, involving the Treasury Department and the Commodity Futures Trading Commission, includes a $4.3 billion fine, enabling Binance to continue its operations while navigating through the legal consequences. This development emerges at a time when the cryptocurrency industry is facing heightened scrutiny from regulatory bodies, including the Justice Department and lawmakers.
The market response was evident, with the price of $BNB, the cryptocurrency associated with Binance, experiencing a decline after reaching a five-month high earlier in the day on news of the imminent settlement confirmation by the Justice Department.
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