US DOJ claims Binance churned $1.6 billion worth of profits via illegal transactions
FXstreet
21 Nov 2023 9:46 PM
The United States Department of Justice (DOJ) officially indicted Binance and its Chief Executive Officer (CEO), Changpeng Zhao, on Tuesday. ...
- The United States Department of Justice (DOJ) has accused Binance of earning $1.6 billion in profits by allowing users to trade without KYC certification.
- Binance founder Changpeng Zhao has confirmed his exit as CEO and named Richard Teng as the new CEO.
- The DOJ has indicted Binance and Changpeng Zhao for violating the Bank Secrecy Act and failing to register as a money transmitting business.
- Binance is set to pay $4 billion as a penalty, one of the largest corporate penalties in U.S. history.
- Binance is accused of enabling illegal transactions with terrorist organizations and failing to implement anti-money laundering safeguards.
- Binance has agreed to retain an independent compliance monitor for three years and has reached agreements with FinCEN, OFAC, and CFTC.
The article highlights the negative sentiment towards Binance and Changpeng Zhao due to the accusations and indictment by the United States Department of Justice. The penalties and allegations of enabling illegal transactions have further contributed to the negative sentiment.
You May Ask
What is Binance accused of by the United States Department of Justice?Who is the new CEO of Binance after Changpeng Zhao's exit?How much is Binance set to pay as a penalty?What are the allegations against Binance regarding illegal transactions?What agreements has Binance reached with regulatory agencies?