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Changpeng Zhao will also pay $50 million. In total, approximately $4.3 billion will be paid to Binance. Binance is the largest trading platform for trading cryptocurrencies such as Bitcoin, among others.
Zhao wrote on the online platform X (formerly Twitter) that he no longer sees himself as the head of a start-up in the future. Richard Teng, who was previously responsible for local markets, will take over as president of Binance.
After years of investigation, the US justice system accused Binance and Zhao of being active in evading money laundering and sanctions laws. This enabled questionable payments worth millions of dollars. According to the prosecution, Zhao instructed Binance employees to contact US customers by phone, among other things, to avoid leaving any traces.
A year ago Binance’s biggest rival, FTX, collapsed, and a few weeks ago FTX founder Sam Bankman-Fried was found guilty of fraud by a jury in a sensational trial in New York. US investigators managed to convince them that Bankman-Fried was secretly diverting client money to his own hedge fund.
Zhao emphasized that US authorities are not accusing Binance of embezzling customer funds or manipulating markets.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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