Changpeng Zhao

A US judge on Friday accepted Binance's guilty plea and more than $4.3 billion penalty for violating federal anti-money laundering and sanctions laws through lapses in internal controls at the world's largest cryptocurrency exchange.US District Judge Richard Jones in Seattle approved the plea, which includes a $1.81 billion criminal fine and $2.51 billion of forfeiture, about an hour after the government proposed changes to Binance founder Changpeng Zhao's bond, drawing an objection from Zhao's lawyers.Elevate Your Tech…

Former Binance chief Changpeng Zhao has to remain in the continental United States ahead of his sentencing for violating US anti-money laundering laws, US District Judge Richard Jones said on Thursday.Last month, Binance Holdings agreed to pay over $4.3 billion and pleaded guilty to breaking US anti-money laundering and sanctions laws. Zhao also pleaded guilty and faces a maximum prison sentence of 18 months under federal guidelines and has agreed not to appeal any sentence up to that length. Elevate Your Tech Prowess…

Changpeng Zhao, the founder and former CEO of cryptocurrency exchange Binance, has asked the judge to allow him to leave the United States. Zhao’s lawyers are urging U.S. District Judge Richard Jones in Seattle to reject the Justice Department’s (DOJ) request to bar him from returning home to the United Arab Emirates until he is sentenced. The crypto founder stepped down from his position after being charged for failing to prevent money laundering on his company’s platform. In a…

Spiralling compliance costs, ongoing legal headaches and a shrinking share of the market: Binance's new chief Richard Teng faces daunting challenges in turning a new leaf for the world's biggest crypto exchange. Teng was quickly appointed CEO this week after Binance's founder Changpeng Zhao pleaded guilty to breaking US anti-money laundering laws, part of a $4.3 billion deal to resolve a years-long US investigation.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology…

Lawyers for former Binance CEO Changpeng Zhao are urging a US judge to reject the Justice Department's request to bar him from returning to his home in the United Arab Emirates until he is sentenced for violating anti-money laundering requirements.Zhao's lawyers in a Thursday filing asked US District Judge Richard Jones in Seattle not to reverse bail conditions set by a magistrate judge on Tuesday that would allow him to leave the US while awaiting sentencing.Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Here's a question few of us will ever have to answer. Would you rather have $23 billion living in the United Arab Emirates with no US extradition treaty, or sacrifice a chunk of your wealth and perhaps spend 18 months behind bars to resolve all your issues with the US Department of Justice and Securities and Exchange Commission?Binance Holdings Ltd. CEO Changpeng Zhao appears to have chosen the latter. We don't know all the details of the deal — most importantly the length of time, if any, Zhao must spend in prison — but…

Binance Holdings Ltd. had such lax controls over cryptocurrency transactions on its exchange that terrorists, hackers and sanctions violators used it for years to move billions of dollars, US prosecutors said.Binance and Chief Executive Officer Changpeng Zhao pleaded guilty to criminal charges Tuesday, admitting they failed to take basic anti-money laundering steps that are the bedrock of government efforts to check the flow of dirty money worldwide. Binance will pay $4.3 billion, while Zhao will step down as CEO and pay…

Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period chaotic even by the standards of the notoriously volatile industry.Zhao stepped down as CEO of Binance -- the largest crypto exchange in the world -- after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations and agreed to fines of more than $4 billion. Here are three of the highest-profile crypto executives who have fallen foul of the law since last year: - Changpeng 'CZ' Zhao…

The world's largest cryptocurrency exchange by trade volume, Binance, came under regulatory scrutiny earlier this year when the US Department of Justice (DOJ), along with the Commodity Futures Trading Commission (CFTC) cracked down on the company's lack of regulatory and legal mechanisms to prevent transactions made to fund terrorism, drug deals, and other illegal activities, as per the agencies. On Tuesday, the CEO of the company, Changpeng Zhao, pleaded guilty and agreed on a settlement worth 4.3 billion dollars.But if…

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…