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Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department (www.businessinsider.com)

submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department::"Can barely buy an AK-47 with 600 bucks," a Binance compliance staffer told his boss in 2019, per regulators.

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[–] Salamendacious@lemmy.world 25 points 9 months ago* (last edited 9 months ago) (15 children)

Changpeng "CZ" Zhao, the cofounder of Binance and a central figure in the crypto world, is also stepping down as CEO under the settlement.

...

Zhao is pleading guilty to breaking anti money-laundering law, per the justice department. Zhao will personally pay $50 million in fines, and faces up to 18 months in prison,

Man I feel like he's getting off light honestly and I saw there are more charges from the SEC but how is he the only one facing time?

[–] Mercival@lemm.ee 15 points 9 months ago (13 children)

I love how just a year ago, he was the one to call out FTX.

People in glass houses shouldn't throw stones and all that...

The whole industry seems like a criminal plot at this point.

[–] sv1sjp@lemmy.world 15 points 9 months ago (9 children)

Binance has no problem with its clients. FTX literally invested the money of the people in high risk assets, and they ended up bankrupted.

In the day of the Binance's trial, people withdraw more than billion of dollars worth Cryptos. Binance didn't end up bankrupt as they are holding A LOT.

[–] JamesNZ@lemmy.world 2 points 9 months ago (1 children)

We only know ftx was stealing due to a run on the exchange. Binance could also easily be in the same boat, we just don't know, as they have not been tested for there liquidity. Also it turns out ftx pretty much had the money, but it just was not liquid.

[–] sv1sjp@lemmy.world 2 points 9 months ago* (last edited 9 months ago)

Βinance has shared publicly many of its wallets in many Blockchains.

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