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Binance CEO Zhao faces sentencing over money laundering violations

Economic Times

Economic Times · 1y ago

Binance CEO Zhao faces sentencing over money laundering violations

The former CEO of Binance, Changpeng Zhao, may face an extended prison sentence for violating US money-laundering laws. US prosecutors are seeking a sentence double the recommended time. This tough stance aims to send a message that compliance with the law is essential. Zhao's lawyers have requested probation, stating his acceptance of responsibility and payment of a $50 million fine. This case follows the recent imprisonment of FTX CEO Sam Bankman-Fried. Several high-profile figures in the crypto industry are under scrutiny as the industry faces increased regulation and scrutiny after recent price collapses.

Related News

Binance's former chief has to stay in the US until February sentencing

Livemint

Livemint · 1y ago

Binance's former chief has to stay in the US until February sentencing

Former Binance chief Changpeng Zhao has been ordered by a U.S. District Judge to remain in the continental United States until his sentencing in February for violating U.S. anti-money laundering laws. Zhao and Binance Holdings recently pleaded guilty to breaking U.S. anti-money laundering and sanctions laws, with Binance agreeing to pay over $4.3 billion. Zhao, who faces a maximum prison sentence of 18 months, had requested to return to the UAE, where he has been living, but the court ruled that he must stay in the U.S. due to flight risk concerns.

US judge signs off on Binance, former chief Changpeng Zhao's plea deals with DOJ

Economic Times

Economic Times · 1y ago

US judge signs off on Binance, former chief Changpeng Zhao's plea deals with DOJ

US District Judge Richard Jones in Seattle has approved plea deals between Binance Holdings, its former chief Changpeng Zhao, and US prosecutors. Binance agreed to pay over $4.3 billion and pleaded guilty to violating US anti-money laundering and sanctions laws, while Zhao also pleaded guilty and is awaiting sentencing in February.

Founder of Binance, world’s largest crypto firm, sentenced to four months

Livemint

Livemint · 1y ago

Founder of Binance, world’s largest crypto firm, sentenced to four months

Billionaire Changpeng Zhao, founder of Binance, the largest cryptocurrency exchange, has been sentenced to four months in jail and a $50 million fine for violating U.S. anti-money laundering laws. Zhao pleaded guilty to the charges in November and stepped down as CEO of Binance. The sentence marks the culmination of a multiyear investigation into the exchange and demonstrates how U.S. regulators are cracking down on the cryptocurrency industry. Binance also pleaded guilty to anti-money laundering violations, agreeing to pay fines of $4.3 billion and accept oversight by an independent monitor.

US prosecutors want Binance's Changpeng Zhao to remain in US until sentencing

Economic Times

Economic Times · 1y ago

US prosecutors want Binance's Changpeng Zhao to remain in US until sentencing

US prosecutors are seeking a court order to require Changpeng Zhao, the founder of Binance Holdings, to stay in the US before his sentencing on February 23, 2024. Zhao recently pleaded guilty to violating US money laundering laws. The Department of Justice wants to prevent him from returning to the United Arab Emirates until after his sentencing. Zhao is currently expected to stay in the Seattle area until Monday evening, after which he may be allowed to return to his UAE residency.

US seeks 36 months in jail for Binance founder Changpeng Zhao

Economic Times

Economic Times · 1y ago

US seeks 36 months in jail for Binance founder Changpeng Zhao

The founder of Binance, Changpeng Zhao, may face a 36-month prison sentence for violating money laundering laws, according to U.S. prosecutors. Zhao stepped down as Binance's chief last year after admitting to the violations and agreeing to a $4.32 billion penalty. Prosecutors argue for an above-guidelines sentence, stating the magnitude of Zhao's violation justifies it. Binance failed to report over 100,000 suspicious transactions, including those involving terrorist groups, while also supporting the sale of child sexual abuse materials. Zhao agreed to pay $50 million and cut ties with Binance.

Ex-Binance CEO Changpeng Zhao urges judge to allow him to leave US before sentencing

Economic Times

Economic Times · 1y ago

Ex-Binance CEO Changpeng Zhao urges judge to allow him to leave US before sentencing

Former Binance CEO, Changpeng Zhao, is appealing to a US judge to reject the Justice Department's request to prevent him from returning to his home in the UAE until his sentencing for violating anti-money laundering requirements. Zhao's lawyers argue that he has demonstrated he is not a flight risk, as he agreed to a substantial bail package and voluntarily came to the US to accept responsibility for his actions. The Justice Department has expressed concerns about securing Zhao's return if he chooses not to come back for sentencing.

US judge approves Binance's $4.3-billion guilty plea

Economic Times

Economic Times · 1y ago

US judge approves Binance's $4.3-billion guilty plea

A US judge has accepted the $4.3 billion penalty and guilty plea from Binance, the world's largest cryptocurrency exchange, for violating federal anti-money laundering and sanctions laws. The plea includes a $1.81 billion criminal fine and $2.51 billion of forfeiture. Binance had failed to report over 100,000 suspicious transactions, supported the sale of child sexual abuse materials, and received significant ransomware proceeds. Binance has accepted responsibility and made progress in upgrading its protocols. Binance founder Changpeng Zhao has also pleaded guilty and is free on a $175 million bond, with conditions set for his sentencing in April.

US court approves order for Binance to pay $2.7 billion to CFTC

Economic Times

Economic Times · 1y ago

US court approves order for Binance to pay $2.7 billion to CFTC

A US court has approved a settlement that requires cryptocurrency exchange Binance and its former CEO, Changpeng Zhao, to pay a total of $2.85 billion in fines to the US Commodity Futures Trading Commission (CFTC). Zhao will pay $150 million personally, while Binance will have to disgorge $1.35 billion of ill-gotten transaction fees and pay an additional $1.35 billion penalty to the CFTC. The settlement resolves a case brought by the CFTC that accused Binance of money laundering and violating US anti-money laundering and sanctions laws.

Binance's investors pull $956 million as Zhao steps down to settle US probe

Livemint

Livemint · 1y ago

Binance's investors pull $956 million as Zhao steps down to settle US probe

Investors have withdrawn around $956 million from Binance in the last 24 hours following the resignation of its CEO Changpeng Zhao, who pleaded guilty to violating US anti-money laundering laws. This raises concerns about the future of the world's largest cryptocurrency exchange. Richard Teng, a senior Binance executive, has been appointed as the new CEO. Despite the outflows, there are still over $65 billion in assets remaining on the platform. Binance has previously faced legal scrutiny, with investors withdrawing $1.43 billion in June after a lawsuit by the US Securities and Exchange Commission.

US authorities set to unveil settlement with Binance

Economic Times

Economic Times · 1y ago

US authorities set to unveil settlement with Binance

US authorities are expected to announce details of a settlement with Binance Holdings, the world's largest cryptocurrency exchange, following a long-running investigation. The settlement involves charges against individuals and allegations of violating finance and money-laundering laws. Binance CEO Changpeng Zhao is reportedly set to step down and plead guilty to violating US anti-money laundering requirements. The settlement will also include a large penalty, though the exact amount has not been disclosed. The US agencies involved include the Justice Department, the Commodity Futures Trading Commission (CFTC), and the Treasury Department's Financial Crimes Enforcement Network.

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