Binance to pay $4.3B in fines and CEO ‘CZ’ to step down, plead guilty to anti-money laundering charges::It’s been an eventful week for crypto exchanges and the U.S. government. Changpeng Zhao, also known as “CZ,” the founder and CEO of Binance, is stepping Binance to pay $4.3B in fines and CEO ‘CZ’ to step down and plead guilty to anti-money laundering charges
How does one launder anti-money?
It is money made out of antimatter
Well I’d put it on a wool or a delicates cycle myself, sounds like things might get a bit weird if it has too much spin on it
So how exactly is a guy supposed to pay 4.3 BILLION dollars? The gov knows that’s not a real number, right? And he’s not going to pay? At all?
Like, he can literally pay 1000 lookalikes a cool million to fake their death and it’ll still be cheaper than the fine.
Anyways I’m sure this guy will totally not bail after fucking over society enough for 4.3B dollars. But we better send more cops to shoot a kid who has $20 worth of weed in his pockets.
This is the best summary I could come up with:
As a part of Binance’s guilty plea, it has also reached agreements with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Commodity Futures Trading Commission (CFTC) and will credit about $1.8 billion toward those resolutions.
The crypto exchange “admits it engaged in anti-money laundering, unlicensed money transmitting and sanctions violations,” the DOJ release stated, calling it the “largest corporate resolution” that included criminal charges for an executive.
“Any institution, wherever located, that wants to reap the benefits of the U.S. financial system must also play by the rules that keep us all safe from terrorists, foreign adversaries, and crime or face the consequences,” Secretary of Treasury Janet Yellen said in the release.
Under Zhao’s plea agreement, he will agree to the recommendation that the court impose a $50 million fine to the CFTC and won’t make any statements “contradicting his acceptance of responsibility,” according to a separate filing from Monday.
Zhao and Binance were allegedly “intimately involved” in directing the trading entity’s business operations and providing crypto-related services to the Binance.US platform, which claims it’s an independent exchange in the SEC filing.
In April, Binance.US, its American sister company, broke off its $1.3 billion deal to buy crypto broker Voyager Digital’s assets due to a “hostile and uncertain regulatory climate.”
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