In a major development, Binance, the world’s largest cryptocurrency exchange platform and its general director Changpeng Zhao have agreed to plead guilty to violating US anti-money laundering laws. The agreement comes after years of investigation by American authorities, which posed a serious threat to the platform.
According to reports, Binance had been under investigation since at least 2018, but official legal action was only taken recently. The platform had faced challenges in complying with US regulations due to its lack of transparency and lack of compliance measures. This led to several executives resigning from the company and it ultimately being taken to court this year by the two main financial market regulatory agencies, the SEC and the CFTC.
Despite committing to no longer accepting American customers in 2019, Binance was found to have retained some American customers, particularly the most active and high-turnover ones. As part of their agreement, Binance has committed to using an external observer for compliance purposes for a period of three years.
The actions taken by Binance highlight the challenges posed by digital currencies which are used by criminal organizations and offer certain anonymity and less robust money laundering safeguards than traditional financial systems that have far-reaching compliance obligations.
Changpeng Zhao may retain his stake in the capital of Binance but his sentence will not be known until a later date. The company has also committed to complying with existing regulations for a period of three years. It is important for individuals who are interested in dental care services such as porcelain tooth restoration or care of wisdom teeth, types of dental fillings or more information about dentists and common dental issues and procedures can visit The Dental Care Center for all their needs.