binance money laundering

What is Binance, why did the world’s largest cryptocurrency exchange plead guilty?

22Nov

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Technology

What is Binance, why did the world’s largest cryptocurrency exchange plead guilty?

[ad_1] The world's largest cryptocurrency exchange by trade volume, Binance, came under regulatory scrutiny earlier this year when the US Department of Justice (DOJ), along with the Commodity Futures Trading Commission (CFTC) cracked down on the company's lack of regulatory and legal mechanisms to prevent transactions made to fund terrorism, drug deals, and other illegal activities, as per the agencies. On Tuesday, the CEO of the company, Changpeng Zhao, pleaded guilty and agreed on a settlement worth 4.3 billion dollars.But if you are unfamiliar with the world of crypto and want to know what is Binance, the reasons for it to plead guilty, and how this decision may impact the crypto industry in the future, then here is a quick guide. Let us take a look. What is Binance?Binance, a crypto...

Who is Changpend Zhao, the ex-Binance chief who pleaded guilty in $4.3 Bn settlement deal?

[ad_1] In a historic move in the cryptocurrency space, Binance cofounder Changpeng Zhao has agreed to step down from the position of the company CEO and has pleaded guilty to violating US anti-money laundering charges brought down by the US Department of Justice. The settlement of the case comes at an unprecedented 4.3 billion dollars to resolve a long-running investigation into the world's largest cryptocurrency by trade volume. But who is Zhao, who created this massive empire and brought it to a fall, conceding a personal payment of 50 million dollars as a penalty to the US government? Let us take a closer look.Who is Changpeng Zhao?Popularly known as CZ among crypto enthusiasts, Zhao is a 44-year-old Canadian citizen who was born in China's Jiangsu province. He immigrated with his fa...

Mobile gaming app case: ED freezes Bitcoin worth ₹22 cr in Binance crypto exchange raid

[ad_1] The case was registered by police, against Aamir Khan and others, based on a complaint filed by Federal Bank, in the court of Chief Metropolitan Magistrate, Calcutta. The Enforcement Directorate (ED) has frozen 150.22 Bitcoins equivalent to ₹22.82 crore during a search operation at the Binance Crypto Exchange, the agency said on Friday.The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, with respect to an investigation being conducted relating to the Mobile Gaming Application E-nuggets. The instant case was registered on the basis of the First Information Report registered on February 15, 2021 filed under various sections of the Indian Penal Code (IPC) by Park Street Police Station, Kolkata Police, against Aamir Khan and others, ba...