Recently, members of Congress have regained their interest in guarding against the use of crypto for financial crimes. That concern was brought to the fore by recent charges by the U.S. Department of Justice (DOJ) against Binance Holdings Ltd., the largest crypto exchange in the world. In November, Binance and its founder Changpeng Zhao, known as “CZ,” pleaded guilty to money laundering charges and agreed to pay $4.3 billion in fines and settlements.
Treasury Secretary Janet Yellen said the exchange allowed “illicit actors to transact freely, supporting activities from child sexual abuse, to illegal narcotics, to terrorism, across more than 100,000 transactions.”4
Binance’s plea is more evidence that the “Wild West” days of crypto may be coming to an end. Investors now may want to think about other areas where stricter compliance with anti-money laundering regulations could be enforced, such as with stablecoins.
7 Comments
Martin Moore
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Miki Williams
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David Matinson
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Gerald
Not surprised at all. Binance has been skating on thin ice for years. CZ acted like he was untouchable
Cam
They built an empire on regulatory arbitrage. It was only a matter of time before it caught up to them.
Ben
Big news in the crypto space—CZ and Binance facing serious regulatory heat. This could be a turning point for how global exchanges are held accountable.
Frank
Regardless of how you feel about Binance, this shows regulators are ramping up enforcement across the board. Probably won’t be the last big name to get hit