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Binance, the largest cryptocurrency platform, is fined $4 billion

2023-11-22 07:11:34, Ekonomi CNA
Binance, the largest cryptocurrency platform, is fined $4 billion
Changpeng Zhao

The US government has dealt a massive blow to Binance, the world's largest cryptocurrency exchange. The firm Binance agreed on Tuesday to pay a fine of around $4 billion, while the company's founder and CEO Changpeng Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform.

Mr. Zhao resigned from the leadership as the Binance firm admitted to multiple violations.

"Using new technology to break the law doesn't make you an innovator, it makes you a criminal ," said Attorney General Merrick Garland, who called the settlement one of the largest corporate sentences in the country's history.

Under the agreement, the US Treasury Department said Binance would be subject to surveillance for five years, including ensuring the firm's complete departure from the United States. Binance is a company based in the Cayman Islands.

Mr. Zhao is known as the main rival of Mr. Sam Bankman-Fried, the 31-year-old founder of the firm FTX, the second-largest cryptocurrency platform before its collapse last November. Mr. Bankman-Fried was found guilty earlier this month of defrauding and stealing at least $10 billion from clients and investors.

The US Secretary of the Treasury, Janet Yellen, said that the firm Binance allowed on its platform financial activity by illegal actors, " supporting activities from sexual abuse of children, to illegal narcotics and terrorism, in more than 100,000 transactions" .

The firm Binance did not file any suspicious activity reports for those transactions, Ms. Yellen said, and the company allowed more than $1.5 million in virtual currency exchanges in violation of U.S. sanctions, including activities by Hamas' al-Qassam Brigades, al-Qaida and other criminal organizations./ VOA

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