Binance Holding pleaded guilty. Agrees to pay $4B to US authorities

<p>Binance&nbsp;holdings pleaded guilty, agrees to pay over $4 billion to US authorities</p><ul><li>DOJ&nbsp;says by Nancy chief Changpeng Zhao&nbsp;has pleaded guilty to criminal charges</li><li>Charges involve violations of Bank secrecy act, failure to register as a money-transmitting business and others</li><li>Resolution will include a 5 year monitoring ship for Binance</li></ul><p><span>As part of his guilty plea,<span>&nbsp;Zhao (Or CZ as he is called)&nbsp;</span></span><span>agreed to pay a $50 million fine and will also step down from his role as chief executive of the company. The government is seeking an 18-month prison sentence for Mr. Zhao, the maximum suggested under federal guidelines.</span></p><blockquote><span><span>“From the very beginning, Zhao and other finance executives engaged in a deliberate and calculated effort to profit from the U.S. market without implementing the controls that are required by U.S. law,”</span></span></blockquote><p><span><br><span>On Monday, the S.E.C. sued Kraken, another crypto exchange, accusing it of operating without proper registration and commingling customer deposits with its own corporate assets.</span></span><br></p><p>It drives me crazy that this&nbsp;type of nefarious activity continues and will continue. Regulators will constantly&nbsp;be behind the crooks. Yes, they will catch some, but others will skate free.&nbsp; $4 billion sounds like a lot but is it? What price tag do you put on drug dealers, terrorists or other crooks who used Binance to launder money from their illicit activity?</p><p>Meanwhile Binance names Richard Teng as new CEO.&nbsp; Business as usual.&nbsp;&nbsp;</p><p>CZ meanwhile X'd. What a crock.&nbsp;&nbsp;</p><figure data-media-><img src="https://images.forexlive.com/images/cz_id_b4d9e027-553a-4fb1-82de-644b49b7bbd9_original.jpg" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/cz_id_b4d9e027-553a-4fb1-82de-644b49b7bbd9_original.jpg" /></figure><p><br></p><p><br></p>

This article was written by Greg Michalowski at www.forexlive.com.