Cryptocurrency exchange Binance admits to violating US money laundering laws and will pay a billion-dollar fine. Founder and boss Changpeng Zhao must leave the company for three yearsThis is evident from court documents released on Tuesday. He will also pay $50 million. In total, around 4.3 billion dollars (3.95 billion euros) is owed for Binance. Binance is the largest trading platform where cryptocurrencies such as Bitcoin are traded.
Zhao wrote on the online platform X that he no longer sees himself as head of a start-up in the future. Richard Teng will take over the lead position at Binancewho was previously responsible for local markets.
After years of investigation, the US legal system accused Binance and Zhao of being active in circumventing money laundering and sanctions laws. This allowed dubious payments amounting to millions. According to the prosecutor’s allegations, Zhao instructed Binance employees, among other things, to communicate with U.S. customers by phone so as not to leave any traces.
A year ago, Binance’s major competitor FTX went bankrupt, 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 were able to convince them that Bankman-Fried was secretly diverting client money for business and for his own hedge fund.
Zhao emphasized that US authorities are not accusing Binance of embezzling customer funds or manipulating markets. (sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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