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Binance founder Changpeng Zhao to help Pakistan boost crypto trading bid

Economic Times

Economic Times · 4m ago

Binance founder Changpeng Zhao to help Pakistan boost crypto trading bid

Pakistan has enlisted Binance co-founder Changpeng Zhao to establish a competitive digital finance platform. As a strategic advisor, Zhao will assist Pakistan's Crypto Council in regulation, infrastructure, education, and adoption. This initiative aims to attract foreign investments, crucial for stabilizing the country's economy post-2023 financial crisis. With crypto trading growing among its 230-million population, Pakistan seeks to become a regional hub for Web3, digital finance, and blockchain-driven growth.

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Related News

Pakistan allocates 2,000-MW capacity to power Bitcoin mining

Economic Times

Economic Times · 3m ago

Pakistan allocates 2,000-MW capacity to power Bitcoin mining

Pakistan has allocated 2,000 MW of electricity to support Bitcoin mining and AI data centers in a move to legalize cryptocurrency and attract investments. The Pakistan Crypto Council aims to monetize surplus energy and create jobs through this initiative. The government is seeking to boost the economy and establish a regulatory framework for the crypto ecosystem. The country has engaged Binance co-founder Changpeng Zhao to develop a digital finance platform and advance blockchain innovation.

Binance founder Changpeng Zhao says prison inmates and guards asked him for crypto tips

Business Insider

Business Insider · 9m ago

Binance founder Changpeng Zhao says prison inmates and guards asked him for crypto tips

Binance founder Changpeng Zhao recently gave an interview after being released from prison in September. While incarcerated, inmates and guards sought his crypto advice due to his wealth and knowledge. However, Zhao was unable to access market information or maintain his preferred diet while behind bars. He spent his time working out, writing a book, and befriending a fellow inmate knowledgeable about crypto. Zhao is now focused on exploring investments in AI and biotech industries, and has founded the nonprofit Giggle Academy.

CZ has left Binance, SBF Is in jail. Crypto is about to get boring

Wired · 1y ago

CZ has left Binance, SBF Is in jail. Crypto is about to get boring

In a significant development, Binance, the world's largest crypto exchange, and its founder Changpeng Zhao (CZ) have pleaded guilty to criminal charges in the US. According to the indictment, Zhao prioritized growth and profits over compliance, leading to clashes with regulators. The agreement reached with the US Department of Justice requires Binance to pay a $4.3 billion penalty, operate under tighter supervision, and replace Zhao as CEO. The appointment of Richard Teng, a former regulator, as the new CEO signals a shift towards cooperation with regulators in the crypto industry. This outcome is seen as a positive step in cleaning up the industry's image.

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.

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.

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 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.

Binance US CEO Brian Shroder to leave, firm to lay off 100 people

Economic Times

Economic Times · 1y ago

Binance US CEO Brian Shroder to leave, firm to lay off 100 people

Brian Shroder, the CEO of Binance US, will leave the company, and Norman Reed, the general counsel, will serve as interim CEO. Binance US also plans to cut over 100 positions. This move aims to provide Binance.US with seven years of financial stability and allow it to operate as a crypto-only exchange. Binance has faced significant regulatory scrutiny in the United States, including a lawsuit by the SEC alleging multiple charges against the company and its CEO Changpeng Zhao.

Binance CEO Changpeng Zhao might step down

Economic Times

Economic Times · 1y ago

Binance CEO Changpeng Zhao might step down

Binance CEO Changpeng Zhao might step down from his position. According to reports, Zhao is in discussions to resign as the CEO of the cryptocurrency exchange amid increasing regulatory scrutiny. Binance has been facing regulatory challenges in various countries, and Zhao's potential departure could be a response to these issues. No official confirmation has been made regarding his resignation.

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.

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