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BeInCrypto
BeInCrypto
Former Binance CEO Changpeng Zhao Money Laundering Guilty Plea Approved By Judge
3 months ago
CoinEdition
CoinEdition
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U.S. Judge Richard Jones has granted approval to Changpeng Zhao’s plea deal.  Zhao’s plea deal includes a substantial $4.3 billion settlement, with a $50 million penalty to be paid by the defendant.  New Binance CEO refused to disclose information about Binance in his first public interview. A U.S. judge has granted approval to the negotiated plea deals between U.S. prosecutors, Binance Holdings, and its former chief, Changpeng Zhao. According to court documents, on Wednesday, December 6, U.S. District Judge Richard Jones approved Zhao’s plea deal.  “This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection … hereby accepts the plea of guilty of the defendant … the defendant is adjudged guilty of such offense,” said Judge Jones. Judge Jones also instructed the defendant to appear in court for sentencing, scheduled for February 2024. Notably, the court filing did not specify whether Zhao would be allowed to leave the U.S. and return to the United Arab Emirates (UAE). Initially granted permission to return to the UAE with the provision to come back to the U.S. 14 days before sentencing, the prosecutors argued that the U.S. might face challenges in extraditing Zhao from the UAE if he chose not to return voluntarily. Moreover, Zhao’s plea deal involved a $4.3 billion settlement, including a $50 million penalty to be paid by the defendant himself. By pleading guilty to violating anti-money laundering regulations, Zhao could face a substantial prison sentence of up to 10 years. After Zhao stepped down as CEO, Binance’s Global Head of Regional Markets, Richard Teng, was appointed the new CEO. In his first public interview, the new CEO refused to share crucial and simple information about Binance, claiming that there’s no need for the information to be shared publicly. The post US Court Approves Zhao’s Plea Deal: $4.3B Settlement and Guilty Plea appeared first on Coin Edition.

3 months ago
CryptoMatrix
CryptoMatrix
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🚨Changpeng Zhao: CZ's guilty plea accepted by judge ✅The United States federal court recently approved the guilty plea of ​​Changpeng Zhao, the founder of Binance. With CZ's sentencing scheduled for February 2024, the case draws attention to the legal and regulatory challenges facing leaders in the cryptocurrency industry. 🚨CZ's plea accepted ✅The US federal judge validated the guilty plea between Changpeng Zhao, founder of Binance, and the United States government. This approval, given by Seattle District Court Judge Richard Jones on December 6, 2023, is an important milestone in this high-profile case. ✅The deal, finalized on November 21, 2023, came after accusations against Binance for failing to register as a money services business and violating the Bank Secrecy Act (BSA). As a result, Binance agreed to settle a hefty fine of $4.3 billion. CZ admitted responsibility for violating the BSA, and U.S. prosecutors demanded that he remain in the United States until his sentencing. ✅Following this agreement with the US Department of Justice (DOJ), CZ stepped down as CEO of Binance, leaving management to Richard Teng. Binance now finds itself under rigorous surveillance by the country's federal authorities. ✅Currently out on $175 million bail, CZ is barred from returning to his residence in the United Arab Emirates. The former Binance executive faces a prison sentence of up to 18 months. ✅The US court's approval of the guilty plea of ​​Changpeng Zhao, alias CZ, marks a decisive shift in the regulation of cryptocurrencies. With a sentence scheduled for February 2024, this judgment comes at a crucial time when the sector is experiencing an intensification of its regulation in the United States. ✅Regulators are increasing their surveillance and vigilance in a market which, for a long time, has operated in a certain legal ambiguity. This step therefore represents a significant change in the way in which the authorities approach and regulate the world of cryptocurrencies. #BinanceTournament #BTC #cz_binance #BRC20 #cz

3 months ago
Cointelegraph
Cointelegraph
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A federal judge accepted Binance founder Changpang "CZ" Zhao's guilty plea to money laundering, but hasn't decided if he can leave the United States before his February sentencing date. In a Dec. 6 filing to a Seattle District Court, Judge Richard Jones said he accepted Zhao’s guilty plea to one count of Bank Secrecy Act violations, which he submitted over two weeks ago on Nov. 21 alongside his exchange’s $4.3 billion settlement with the U.S. As part of the settlement deal, Zhao agreed to step down as CEO of Binance and paid $150 million to regulators. Zhao is set to be sentenced on Feb. 23 next year and faces up to 18 months in prison. He’s currently released on a $175 million bond, which would allow him to return to the United Arab Emirates where he resides. Federal prosecutors have objected to allowing Zhao to leave the U.S. saying they “would not be able to secure his return” if he decided not to come back to the U.S. as the UAE has no extradition treaty and Zhao could live there on his wealth “He has three young children and a partner in the UAE; once in the UAE and faced with the prospect of traveling back to the United States to face up to 18 months in prison, he may elect to instead simply stay in the UAE with his family,” prosecutors said.

3 months ago
CoinDesk
CoinDesk
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A federal judge accepted Binance founder Changpeng "CZ" Zhao's guilty plea to one count of violating the Bank Secrecy Act, but has not yet weighed in on whether Zhao can go back to the United Arab Emirates before he is sentenced in February. Federal Judge Richard Jones, of the U.S. District Court for the Western District of Washington, accepted the plea on Wednesday, just over two weeks after Zhao and Binance, the exchange he founded, pleaded guilty to various violations tied to poor anti-money laundering practices at the world's largest crypto exchange. Zhao stepped down from his role as CEO of the exchange as part of the guilty pleas. "This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection ... hereby accepts the plea of guilty of the defendant ... the defendant is adjudged guilty of such offense," the judge wrote. "All parties shall appear before this Court for sentencing as directed." Sentencing is currently scheduled for Feb. 23, 2024. Zhao has been released on bond ahead of that date, though prosecutors have asked that he be required to stay in the U.S. through sentencing. The Binance founder's attorneys have argued that Zhao is not a flight risk, and should be allowed to return to the UAE, where his family is, until February. Under the current terms of his bond release, Zhao would be allowed to go back, but must return to the U.S. two weeks prior to sentencing. Judge Jones stayed that part of Zhao's release last week until he can make a final ruling on the matter, requiring him to stay in the country for the moment. Binance, which pleaded guilty to three charges, including one sanctions-related charge, has to allow monitors who can report back to the Department of Justice and the Treasury Department as part of its plea deal, which also saw it agree to pay a massive $4.3 billion fine. Richard Teng, a former director at Binance, has taken over as CEO. Read more: New Binance CEO Evasive in First Marquee Interview Since Getting One of the Biggest Jobs in Crypto

3 months ago
Cryptopolitan
Cryptopolitan
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Binance Holdings and its former chief, Changpeng Zhao, have reached a resolution with U.S. authorities. Judge Richard Jones approved the plea agreements, as revealed in recent court documents in the U.S. District Court for the Western District of Washington in Seattle. This conclusion follows Binance’s admission of guilt for contravening U.S. anti-money laundering and sanctions regulations in November. The cryptocurrency exchange agreed to a substantial payment exceeding $4.3 billion, marking a pivotal moment in the intersection of cryptocurrency operations and U.S. legal standards. Details of Binance’s legal settlement Binance, known for operating the world’s largest cryptocurrency exchange, Binance.com, faced allegations under the Bank Secrecy Act (BSA), failing to register as a money transmitter, and violations of the International Emergency Economic Powers Act (IEEPA). The settlement with the Department of Justice involves a guilty plea and a resolution to pay over $4 billion. Changpeng Zhao, also a Canadian citizen, pleaded guilty to the charge of not implementing an adequate anti-money laundering program as mandated by the BSA. This admission led to his resignation as CEO.  Last week, Zhao relinquished his position as the board of directors chairman for Binance.US, effectively eliminating any influence he held over the platform’s governance. This move also diminished his interest in the U.S. branch of the exchange to a purely economic one. CZ and Binance  The court documents highlight Binance’s focus on rapid growth and profit, often at the expense of complying with U.S. laws. Since its inception in 2017, the crypto exchange quickly rose to prominence, largely fueled by its substantial U.S. customer base. Due to its operations involving U.S. customers, Binance was obligated to register with the Financial Crimes Enforcement Network (FinCEN) as a money services business. Moreover, it was required to establish an effective anti-money laundering program to prevent its use in money laundering activities. Moreover, there have been recent updates on Zhao’s activities on X following his resignation as Binance CEO and admission of guilt. In the past week, he has shared details about his lunch, reposted a message from the new CEO of the crypto exchange, Richard Teng, and discussed taking risks. In one of his posts, Zhao mentioned that 10 years ago, he quit his job, sold his house, and invested in Bitcoin, acknowledging that not everyone should follow the same path. He emphasized the importance of understanding one’s own risk profile and learning risk management to make informed decisions. Nonetheless, Binance’s recent court case underscores the increasing scrutiny and regulatory pressure facing the cryptocurrency industry, particularly concerning compliance with anti-money laundering standards and U.S. laws.

3 months ago

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