Binance founder Zhao convicted of anti-money laundering failures
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작성자Andrea 댓글댓글 0건 조회조회 11회 작성일 24-08-20 23:17본문
Guilty: Binance founder Changpeng Zhao
The world of crypto has been plunged into deeper crisis as a second tycoon is convicted of criminal charges.
Changpeng Zhao, founder of Binance, the world's largest cryptocurrency exchange, has resigned after admitting anti-money laundering failures.
He will pay a £40million fine and be barred from any involvement in Binance. The firm has agreed to pay a fine of nearly £1.4billion, and a further £2.5billion to settle criminal charges.
It broke US anti-money laundering and sanctions laws by not reporting more than 100,000 suspicious transactions with organisations such as Hamas, and Al-Qaeda.
Zhao said: ‘Today, I stepped down as CEO. It is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, Binance and myself.'
The ‘wild west' industry has become an increasing focus for regulators.
This month FTX boss Sam Bankman-Fried, 31, was found guilty of stealing billions from customers of his cryptocurrency exchange.
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The world of crypto has been plunged into deeper crisis as a second tycoon is convicted of criminal charges.
Changpeng Zhao, founder of Binance, the world's largest cryptocurrency exchange, has resigned after admitting anti-money laundering failures.
He will pay a £40million fine and be barred from any involvement in Binance. The firm has agreed to pay a fine of nearly £1.4billion, and a further £2.5billion to settle criminal charges.
It broke US anti-money laundering and sanctions laws by not reporting more than 100,000 suspicious transactions with organisations such as Hamas, and Al-Qaeda.
Zhao said: ‘Today, I stepped down as CEO. It is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, Binance and myself.'
The ‘wild west' industry has become an increasing focus for regulators.
This month FTX boss Sam Bankman-Fried, 31, was found guilty of stealing billions from customers of his cryptocurrency exchange.
RELATED ARTICLES
Previous
1
Next
'It's time to get Sid investing again': Hunt plots 80s-style... ALEX BRUMMER: Government must get on with dumping its... Chancellor main site 'dolls' out fresh tax breaks for British... Hunt backs infection-fighting research centre named after...
Share this article
Share
HOW THIS IS MONEY CAN HELP
How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account
DIY INVESTING PLATFORMS
Easy investing
Stocks & shares Isa
£1.50 fund dealing
0.25% fee on fund holdings
Investment ideas
Free fund dealing
Free fund dealing
0.45% account fee capped for shares
Flat-fee investing
No fees
From £4.99 a month
Trade shares and funds for £3.99
Social investing
Social investing
Share investing
30+ million global community
No account fee
Investment account
Free share dealing
Free fractional share*
Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. *T&Cs apply.
> Compare the best investing platform for you
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