Changpeng Zhao money laundering

[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...

[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...

Tag: Changpeng Zhao money laundering

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

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