{"id":2105254,"date":"2023-11-21T18:00:01","date_gmt":"2023-11-21T23:00:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/binance-ceo-steps-down-crypto-company-charged-with-record-4-3b-in-damages\/"},"modified":"2023-11-21T18:01:44","modified_gmt":"2023-11-21T23:01:44","slug":"binance-ceo-steps-down-crypto-company-charged-with-record-4-3b-in-damages","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/binance-ceo-steps-down-crypto-company-charged-with-record-4-3b-in-damages\/","title":{"rendered":"Binance CEO Steps Down, Crypto Company Charged With Record $4.3B In Damages"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbinance-ceo-steps-down-crypto-company-charged-with-record-4-3b-in-damages%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2105254&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">Binance Co-Founder and CEO Changpeng Zhao \u200ddelivers a speech\u2062 at the opening event of Europe\u2019s largest tech conference, the Web Summit, in Lisbon on November 1, 2022. \u2013 The Web Summit will \u2062run until November 4, \u20622022. (Photo \u2062by PATRICIA DE MELO MOREIRA\/AFP via \u2064Getty Images)<\/figcaption><\/figure>\n<p>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/james-meyers\">James Meyers<\/a><br \/>2:51 PM \u200b\u2013 Tuesday, November \u200b21, \u200d2023<\/p>\n<p>The CEO of \u2064the world\u2019s \u2063largest cryptocurrency \u200bexchange is officially stepping \u2063down,\u2062 in hopes of allowing the company\u2019s operation to continue. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>It was\u200b announced on Tuesday that Binance CEO Changpeng Zhao \u2062stepped down\u200b from his role and \u200dpleaded guilty\u200b to\u2063 violations of\u2062 the Bank Secrecy \u2063Act, which is an anti-money laundering law, among other \u2064charges. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/c3.oann.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/twitter-minimal.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today, I \u200bstepped down as \u2062CEO of\u200b Binance. Admittedly, it was \u200bnot easy \u200dto let go emotionally. But I \u200dknow it is \u2064the right thing to do. I \u200cmade\u200d mistakes,\u200d and I must take responsibility. This\u2063 is\u2063 best \u2062for our community,\u200d for Binance, and\u200d for myself.<\/p>\n<p>Binance is no longer \u200ba baby.\u2062 It is\u2026<\/p>\n<p>\u2014 \u2063CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1727063503125766367?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p><script type=\"text\/plain\" data-service=\"twitter\" data-category=\"marketing\" async data-cmplz-src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<p>The cryptocurrency exchange company will pay \u200dover $4.3\u200c billion to settle the charges, which makes\u200b it the largest penalty in the\u200b history\u2063 of the Treasury\u200c Department. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>According to Treasury Secretary Janet\u200b Yellen, Binance was guilty of \u201cconsistent and \u200degregious violations of U.S. anti-money laundering\u2062 and sanctions laws.\u201d<\/p>\n<\/blockquote>\n<p>The Justice Department (DOJ) also confirmed\u200c the move, announcing that Zhao has \u200dpleaded guilty to maintaining\u200d an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-exchange-bittrex-fined-53-million-by-u-s-treasury-dept\/\" title=\"Crypto exchange Bittrex fined  million by U.S. Treasury Dept\">effective anti-money laundering program<\/a> and that \u2063he has stepped down as CEO. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cBinance became the world\u2019s largest cryptocurrency exchange in \u2064part because of the crimes it committed \u2014 now \u200dit is \u2063paying one of the largest corporate \u200bpenalties in U.S. history,\u201d Attorney General Merrick B. Garland said in the news release.<\/p>\n<\/blockquote>\n<p>However, Zhao said that he would \u2064remain \u2063a shareholder of the company and would still be able to \u201ctalk to leadership.\u201d <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>Additionally,\u2062 the\u2064 Treasury \u2063Department claimed that Binance \u201cwillfully failed to report more \u2064than 100,000 suspicious transactions from a host of sanctioned groups, including Hamas\u2019 military arm, Qassam\u200d Brigades, Al \u200dQaeda, the Islamic State terrorist group, a litany\u2063 of criminal ransomware\u200d hackers, and users in countries facing U.S. sanctions, including North Korea and Iran.\u201d<\/p>\n<\/blockquote>\n<p>The Treasury Department said \u200bthat Binance\u200c refrained from reporting transactions with websites that were <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/binance-ceo-steps-down-crypto-company-charged-with-record-4-3b-in-damages\/\" title=\"Binance CEO Steps Down, Crypto Company Charged With Record .3B In Damages\">reportedly selling materials related<\/a>\u2064 to child sexual abuse. <\/p>\n<p>Meanwhile, other large cryptocurrency exchange \u2062companies have similarly been fighting lawsuits\u2064 and \u200chad legal action taken against them as well. For\u2063 example, Binance\u2019s biggest rival, \u2063FTX, with \u200cFTX founder \u200bSam Bankman-Fried being found guilty of fraud. <\/p>\n<p>On Monday, the Securities and Exchange commission charged crypto company Kraken with \u201cfailing to register\u200d its \u2064services with the agency,\u201d\u2062 which is required by securities law.<\/p>\n<p>Stay informed!\u200c Receive breaking news blasts directly to your inbox for free. Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The US government has declared war on our 1st Amendment, and\u2062 One America News is Washington\u2019s number one target. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Billions are\u2062 being pumped into\u2063 Baltimore City\u2019s school system, but\u200c students\u2019 scores are still \u2063not \u200dimproving. There are 13 high schools \u200bwith zero\u200c students considered proficient in basic math.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Luke Ball<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Brigette\u200b Gabriel<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Social media\u2063 company X CEO Linda Yaccarino \u200ctold employees\u2062 that \u201cdata will tell the real story\u201d \u2063about its efforts to battle antisemitism.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Microsoft emerged on \u2063Monday as the big winner of the upheaval at OpenAI, hiring ousted CEO Sam Altman and other key staff \u200dof the \u200dstartup.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>OpenAI\u2064 named ex-Twitch boss Emmett Shear \u200bas \u2064interim CEO, while outgoing chief Sam Altman is set \u200cto join backer Microsoft in a surprise turn of events for the\u200d startup.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>OpenAI\u2019s staff has threatened to \u2063quit the AI startup and join former boss Sam Altman at \u200bMicrosoft\u2019s new division\u200d unless the board resigns.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How does Binance&#8217;s failure to report suspicious transactions, including those involving terrorist groups and countries \u2063facing U.S. sanctions, \u200cimpact\u200b anti-money laundering and sanctions laws?<\/h2>\n<p><span>  Issued a \u200bnotice of charges against Coinbase, another major cryptocurrency exchange, accusing the company of \u200cmisleading investors. These recent developments underscore the increasing scrutiny and regulatory pressure facing\u2063 the cryptocurrency industry.<\/p>\n<p>The charges against \u200dBinance \u2064are particularly damning, as they involve violations of anti-money laundering\u2062 laws\u200c and sanctions. The company allegedly failed\u2064 to report suspicious transactions, including those involving terrorist groups and countries facing U.S. sanctions. Additionally, Binance neglected to report transactions related to child sexual abuse.<\/p>\n<p>The penalties imposed on Binance are unprecedented, with the company agreeing to pay over $4.3 billion to settle the charges. This massive fine is the largest in the \u2062history of the Treasury Department and sends a strong \u200dmessage \u200bto other cryptocurrency exchanges about the importance of compliance with financial regulations.<\/p>\n<p>Treasury Secretary Janet Yellen condemned Binance for its &#8220;consistent and egregious violations&#8221; of anti-money\u2063 laundering and sanctions laws. Attorney General \u2064Merrick B. Garland \u200bemphasized that Binance&#8217;s success was built on criminal activities, and\u2062 the company is now facing the consequences \u2062of \u200dits actions.<\/p>\n<p>In response to the charges, Binance\u200c CEO Changpeng Zhao has stepped\u200d down\u200b from his role. In a tweet, he acknowledged his mistakes and stated that stepping down was the right thing to\u200c do for the \u200dcommunity, the company, and \u2064himself. \u200dZhao will remain a shareholder of Binance, but he will no longer hold the position of CEO.<\/p>\n<p>These \u2064developments highlight the urgent need for stricter regulation and\u2063 oversight of the \u200dcryptocurrency industry. As cryptocurrencies gain more mainstream\u2064 adoption and become increasingly intertwined with traditional financial systems, it is crucial to\u200d ensure that they\u200c operate within the boundaries of the law. The actions taken against Binance and other cryptocurrency exchanges serve\u200d as a wake-up call and a reminder that no entity is above the \u2063law.<\/p>\n<p>Furthermore, these incidents underscore the importance of investor protection and transparency in the cryptocurrency market. With the volatility and risk associated\u200c with \u200ccryptocurrencies, it is vital for investors \u2063to have access \u2064to accurate \u200cand reliable information. The charges\u200b against Coinbase for misleading\u200d investors demonstrate the\u2064 need for greater accountability and adherence to reporting standards within the industry.<\/p>\n<p>In conclusion, the\u200c recent \u200dcharges and penalties imposed on Binance,\u2064 as well as the allegations against other cryptocurrency exchanges, highlight the challenges and risks\u200d facing the cryptocurrency industry. It is imperative for regulatory authorities to\u2063 strengthen oversight and enforcement efforts to protect investors and maintain\u200d the integrity of the financial system. Likewise, cryptocurrency \u2062exchanges must prioritize compliance with anti-money\u200c laundering and sanctions laws to\u2063 restore trust in the industry. Only through responsible and transparent\u200b actions can \u200bthe cryptocurrency industry mature and establish itself as \u200da legitimate and sustainable part of the global economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance Co-Founder and CEO Changpeng Zhao delivers a speech at the opening event of Europe\u2019s largest tech conference, the Web Summit, in Lisbon on November 1, 2022. \u2013 The Web Summit will run until November 4, 2022. (Photo by PATRICIA DE MELO MOREIRA\/AFP via Getty Images) OAN\u2019s\u00a0James Meyers 2:51 PM \u2013 Tuesday, November 21, 2023<\/p>\n","protected":false},"author":2301,"featured_media":2105255,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2105254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2105254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2105254"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2105254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2105255"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2105254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2105254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2105254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}