Cryptocurrency exchange platform Binance has pleaded guilty to three counts of money laundering and violating sanctions imposed by the United States. To settle the case with the SEC and the US Department of Justice, Binance pleaded guilty and was fined $4.3 billion (~RM20 billion).
At the same time Binance CEO Changpeng Zhao resigned and was fined $50 million. He in the appeal process also pleaded guilty and faces up to 18 months in prison. The resignation announcement was made by Changpeng Zhao or better known as CZ himself using his social media account. CZ will also no longer be able to hold any position in Binance after this.
He admitted to having made various mistakes while leading Binance. Among them is processing cryptocurrencies between the United States and Iran worth $848 million. Iran has been subject to economic sanctions by the U.S. since 1980 for various reasons.
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BUSINESS & MONEY