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Binance's former chief has to stay in the US until February sentencing
Livemint
·
1y ago
Medial
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.
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US prosecutors want Binance's Changpeng Zhao to remain in US until sentencing
Economic Times
·
1y ago
Medial
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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US judge signs off on Binance, former chief Changpeng Zhao's plea deals with DOJ
Economic Times
·
1y ago
Medial
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.
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Ex-Binance CEO Changpeng Zhao urges judge to allow him to leave US before sentencing
Economic Times
·
1y ago
Medial
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.
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Binance CEO Richard Teng braced for uphill battle in post-Zhao era
Economic Times
·
1y ago
Medial
Binance's new CEO, Richard Teng, faces significant challenges in restoring the reputation and dominance of the world's largest cryptocurrency exchange. Following Binance founder Changpeng Zhao's guilty plea to breaking US anti-money laundering laws, Teng must address years of US financial monitoring, an ongoing lawsuit by the SEC, and potential loss of market share. Teng aims to reassure users about Binance's financial strength and collaborate with regulators. However, transforming Binance's culture and overcoming its past challenges will be a massive undertaking. The reaction to Zhao's departure already led to significant outflows from the exchange.
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Centre wants Binance to comply with PMLA rules to resume operations
Economic Times
·
1y ago
Medial
Cryptocurrency exchange Binance has been in discussions with the Indian government to restore access to its mobile app and website. However, the government has rejected Binance's plea to resume operations in India until they comply with the Prevention of Money Laundering Act (PMLA) guidelines. The government is also taking action against traders who are using VPNs to access Binance's website and continue crypto trades illegally. Binance has expressed willingness to pay taxes and penalties but needs time to set up processes to follow PMLA and FIU rules. The government has emphasized the importance of compliance with PMLA before any further discussions.
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Spotify names senior Saab executive Christian Luiga as finance chief
Economic Times
·
1y ago
Medial
Spotify has appointed Christian Luiga as its new CFO, replacing Paul Vogel. Luiga, a former executive at Saab, will join in the third quarter. Until then, Ben Kung will serve as the interim CFO. This move comes as Spotify looks to improve profitability by increasing prices and expanding into podcasts and audiobooks. Saab announced that Luiga has a notice period of six months and will stay until October 3rd.
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F&O Manual | Indices under selling pressure, Nifty faces resistance near 22,250
Money Control
·
1y ago
Medial
The Indian benchmark indices, Sensex and Nifty, were trading in the red on February 28, experiencing a consolidation phase and awaiting a fresh trigger for the next bull rally. The Nifty encountered selling pressure in the 22,000-22,250 range, while the Bank Nifty also traded down. Option data suggests a dominant presence of call writers. Traders are advised to avoid over-leveraging and stay cautious until a clear picture emerges.
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Karnataka HC extends interim stay on Byju's EGM till March 28
Economic Times
·
1y ago
Medial
The Karnataka High Court has extended the interim stay on Byju's plea challenging the validity of the extraordinary general meeting held last month. Byju's, an educational tech company, sought to remove its founder, Byju Raveendran, as the chief executive officer. The stay order, which deems the decisions of the EGM as non-enforceable, has been extended until March 28th. Byju's claimed that the EGM was invalid as none of the founders attended the meeting. Think and Learn, Byju's parent entity, has filed a case against investors who supported the EGM. Separately, four investors challenged a $200 million rights issue in the National Company Law Tribunal.
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Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case
Livemint
·
1y ago
Medial
Sam Bankman-Fried, the former crypto king and founder of FTX, is facing sentencing in a New York federal court for crimes related to the collapse of his crypto exchange. He was found guilty of stealing billions of dollars from FTX customers and defrauding investors and lenders. Prosecutors have asked for a 40 to 50 year prison sentence, while Bankman-Fried's lawyers argue for no more than six years. The sentencing marks the downfall of Bankman-Fried, who was once hailed as a brilliant and philanthropic figure in the crypto world.
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Binance to sell Russia business to crypto exchange CommEX
Economic Times
·
1y ago
Medial
Crypto exchange Binance has announced its decision to sell its Russia business to the crypto exchange CommEX. The deal will not provide any ongoing revenue split for Binance, and it will not retain the option to repurchase shares in the business. Noah Perlman, Binance's chief compliance officer, stated that the move aligns with the exchange's compliance strategy. Financial details of the agreement have not been disclosed.
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