DOJ alleges AML, sanctions violations against Binance, CEO Changpeng Zhao in unsealed indictment


21 Nov 2023 6:31 PM

The US accused Binance and Binance CEO Changpeng Zhao of violating the Bank Secrecy Act, alleging that the violations go back as far as 2017....

  • The Department of Justice has unsealed an indictment against Binance, the world's largest crypto exchange, and its CEO Changpeng Zhao.
  • The indictment accuses Binance of violating the Bank Secrecy Act and failing to maintain an effective anti-money laundering program.
  • Binance is also alleged to have knowingly violated economic sanctions.
  • The DOJ claims that Binance chose not to comply with US legal and regulatory requirements in order to attract and maintain US users.
  • The indictment mentions two individuals, referred to as "Individuals 1 and 2," without providing further details.
  • Binance's CEO, Changpeng Zhao, reportedly plans to step down and plead guilty to anti-money laundering violations.
  • The Justice Department, along with the CFTC and the Treasury Department, will hold a press conference to discuss "significant" crypto enforcement actions.

The article presents negative sentiment towards Binance and its CEO, as they are accused of violating laws and regulations related to money laundering and economic sanctions.

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You May Ask

What is Binance accused of in the indictment?Who are the individuals referred to as "Individuals 1 and 2" in the indictment?What are the consequences of Binance's alleged violations?What actions does the Justice Department plan to take regarding crypto enforcement?What is the significance of Binance's CEO stepping down and pleading guilty to anti-money laundering violations?

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