On November 21, 2023, the U.S. Department of Justice (“Department of Justice”) announced that Binance Holdings Limited (“Binance”), the world’s largest cryptocurrency exchange, and Zhao Changpeng (affectionately known in the crypto industry as “CZ”) announced a settlement agreement with , Founder and Chief Executive Officer (“CEO”) of the Exchange. Under these agreements, Binance and CZ each agreed to plead guilty to various crimes to resolve the ongoing investigation.Binance pleads guilty to Bank Secrecy Act (BSA) violations and bankruptcy See more +
On November 21, 2023, the U.S. Department of Justice (“Department of Justice”) announced that Binance Holdings Limited (“Binance”), the world’s largest cryptocurrency exchange, and Zhao Changpeng (affectionately known in the crypto industry as “CZ”) announced a settlement agreement with , Founder and Chief Executive Officer (“CEO”) of the Exchange. Under these agreements, Binance and CZ each agreed to plead guilty to various crimes to resolve the ongoing investigation. Binance has pleaded guilty to violating the Bank Secrecy Act (“BSA”), failing to register as a money transmitter, and violating various sanctions under the International Emergency Economic Powers Act (“IEEPA”). This guilty plea follows an investigation conducted by the Department of Justice, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”), the Office of Foreign Assets Control (“OFAC”), and the U.S. Commodity Futures Trading Commission (“CFTC”). It was a resolution. ). Meanwhile, CZ pled guilty to related violations, including failing to maintain an effective anti-money laundering (“AML”) program in violation of the BSA.
In this episode, Matt Stankiewicz and Michael Volkov discuss the Binance settlement and its impact on the crypto industry. See more –
