Changpeng Zhao – pressnews

Binance Lapses Boosted Terrorists, Hackers, Sanctions Violators

23Nov

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Binance Lapses Boosted Terrorists, Hackers, Sanctions Violators

[ad_1] Binance Holdings Ltd. had such lax controls over cryptocurrency transactions on its exchange that terrorists, hackers and sanctions violators used it for years to move billions of dollars, US prosecutors said.Binance and Chief Executive Officer Changpeng Zhao pleaded guilty to criminal charges Tuesday, admitting they failed to take basic anti-money laundering steps that are the bedrock of government efforts to check the flow of dirty money worldwide. Binance will pay $4.3 billion, while Zhao will step down as CEO and pay a $50 million fine. The stunning turn of events means Zhao, the most powerful crypto figure in the world, faces prison time and will no longer run the industry's largest exchange. It comes after a multiyear investigation by federal prosecutors and the fraud conv...

Crypto needs a killer app more than a chastened Binance

23Nov

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Crypto needs a killer app more than a chastened Binance

[ad_1] Here's a question few of us will ever have to answer. Would you rather have $23 billion living in the United Arab Emirates with no US extradition treaty, or sacrifice a chunk of your wealth and perhaps spend 18 months behind bars to resolve all your issues with the US Department of Justice and Securities and Exchange Commission?Binance Holdings Ltd. CEO Changpeng Zhao appears to have chosen the latter. We don't know all the details of the deal — most importantly the length of time, if any, Zhao must spend in prison — but it appears to clear the way for Binance to continue as the world's largest crypto exchange and for Zhao to keep his top-100 status on the Bloomberg Billionaires Index. I see a major risk that the deal itself, as well as the strengthened controls it will require, ...

Binance CEO Changpeng Zhao to Terraform Labs’ Do Kwon: The fallen kings of crypto

22Nov

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Binance CEO Changpeng Zhao to Terraform Labs’ Do Kwon: The fallen kings of crypto

[ad_1] Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period chaotic even by the standards of the notoriously volatile industry.Zhao stepped down as CEO of Binance -- the largest crypto exchange in the world -- after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations and agreed to fines of more than $4 billion. Here are three of the highest-profile crypto executives who have fallen foul of the law since last year: - Changpeng 'CZ' Zhao -Born in China in 1977, Zhao moved with his family to Canada in the 1980s and later got a degree in computer science from McGill University, according to his profile in the Bloomberg Billionaires Index.He founded Binance in 2017 in Shanghai, and led the company's ex...

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

22Nov

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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?

22Nov

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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...

Changpeng Zhao, Brawling Titan of Binance, Meets a Sudden Defeat

22Nov

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Changpeng Zhao, Brawling Titan of Binance, Meets a Sudden Defeat

[ad_1] Changpeng Zhao had long cultivated the image of the rugged pugilist of the cryptocurrencies world. When his rival Sam Bankman-Fried's crypto empire collapsed a year ago, Zhao, or “CZ” as his fans call him, was in the middle of it all, yanking his money in a very public way and helping trigger the ultimately fatal run on the firms. Years earlier he claimed the company's headquarters was wherever he happened to be, a thinly veiled salvo against regulators trying to nail down jurisdiction. And this March, when US regulators charged Zhao and his firm, Binance Holdings, with violating US securities laws, his on-line response was “4,” which is Zhao code for dismissing something as unworthy of his attention. On Tuesday, though, Zhao cut a very different image in a Seattle courtroom. Dre...

Binance’s Changpeng Zhao pleads guilty, steps down to settle US illicit finance probe

22Nov

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Binance’s Changpeng Zhao pleads guilty, steps down to settle US illicit finance probe

[ad_1] Binance chief Changpeng Zhao stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange, prosecutors said on Tuesday.The deal, which will see Zhao personally pay $50 million, was described by prosecutors as one of the largest corporate penalties in U.S. history. It is another blow to the crypto industry that has been beset by investigations and comes on the heels of the recent fraud conviction of FTX founder Sam Bankman-Fried. But several legal experts said it was a good outcome for Zhao, leaving his vast wealth intact and allowing him to retain his stake in Binance, the exchange he founded in 2017. Binance broke U.S. anti-money laundering and sanctions laws...

Binance CEO Zhao says don’t fight crypto, regulate it

26Nov

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Binance CEO Zhao says don’t fight crypto, regulate it

[ad_1] Regulation of cryptocurrencies has come into sharp focus following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month. Binance Chief Executive Officer Changpeng Zhao said on Friday regulation rather than opposition of the crypto sector is a better option for world governments as digital currencies become more mainstream. Regulation of crypto currencies has come into sharp focus following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month. "I think most governments now understand that adoption will happen regardless. It's better to regulate the industry instead of trying to fight against it," Zhao said, speaking at a Binance event in Athens. The opaque world o...

FTX Latest: Binance CEO Plans Recovery Fund, Laments Bad Actors

14Nov

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FTX Latest: Binance CEO Plans Recovery Fund, Laments Bad Actors

[ad_1] Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried’s FTX crypto exchange. Cryptocurrency prices rallied Monday after Binance Holdings Ltd.'s Chief Executive Officer Changpeng Zhao announced plans to launch a crypto recovery fund to help industry players facing a liquidity crunch. Bitcoin edged towards $17,000 following Zhao's announcement. Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried's FTX crypto exchange, which wiped out about $200 billion in crypto market value. Zhao has not announced any details. Meanwhile, there were growing signs that customers of the bankrupt digital-asset exchange have little chance of recovering much of their deposits. FT...

Crypto Traders Flee India Exchanges to Binance to Escape Tax

14Sep

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Crypto Traders Flee India Exchanges to Binance to Escape Tax

[ad_1] Binance Holdings Ltd.’s billionaire Chief Executive Officer Changpeng Zhao is tightening his grip on India’s market for cryptocurrency trading in the fallout from a major tax change. Binance Holdings Ltd.'s billionaire Chief Executive Officer Changpeng Zhao is tightening his grip on India's market for cryptocurrency trading in the fallout from a major tax change.Downloads of Binance's app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX, data from market intelligence firm Sensor Tower show. Only Binance among the top exchanges achieved higher downloads in India compared with July. The operator of the world's largest crypto exchange stands out in a market where riva...