Binance, the largest cryptocurrency exchange in the world and its leader Changpeng Zhao, as part of a settlement with the American government, admitted to participating in money laundering, evading sanctions, and other illegal activities. Zhao will face charges, and the company will incur a financial penalty.
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During a joint press conference, the US Attorney General Merrick Garland and Treasury Secretary Janet Yellen announced that the agreement is the result of years-long investigations conducted by the prosecutor's office into violations of regulations by the cryptocurrency exchange Binance.
As a result of the investigation, it was revealed that Binance accepted money from customers from countries subject to international sanctions such as Russia, North Korea, and Iran. The company also provided financial services to people involved in child pornography trade and terrorists from Al-Qaeda, the Islamic State, and Hamas.
– Servicing criminals undoubtedly contributed to Binance's success in the cryptocurrency environment – emphasizes Merrick Garland in a statement.
According to the information he provided, Binance employees had full knowledge of the company's actions. This is confirmed by the advertising slogan circulating in the company: "If laundering drug money is too difficult for you these days – come to Binance".
The company will be fined 4.3 billion dollars, which is one of the largest financial penalties in the history of lawsuits against corporations in the USA.
In addition, as part of the agreement reached, the company's CEO Changpeng Zhao, commonly known as "CZ", and compliance director Samuel Lim will be indicted. Both admitted to the acts committed, and Zhao decided to resign from his position and committed to paying 50 million dollars in compensation.
This is another situation when the cryptocurrency exchange comes into conflict with the law, and the charges relate to money laundering. A similar scenario occurred in the case of Sam Bankman-Fried, the founder of FTX, who was sentenced to over 100 years in prison for fraud and embezzlement of entrusted funds.
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