Case Against CZ An Aggressive Pursuit
The crypto industry has faced significant challenges in recent years, with Binance CEO Changpeng Zhao and former rival Sam Bankman-Fried facing charges for breaching US anti-money-laundering laws.
Zhao pleaded guilty and left his role as CEO, with Binance set to pay over $4.3 billion in fines, $50 million of which will go to settle claims made by the Commodity Futures Trading Commission for allowing US customers to trade unregistered crypto derivatives.
CFTC Commissioner Christy Goldsmith Romero stated that access to US customers is a privilege, not a right, and plans to continue its aggressive pursuit of crypto exchanges that violate trade laws.
The CFTC will not tolerate using VPNs or actions that circumvent KYC rules, including pop-up questions asking users to attest that they are not based in the US.
The swift action comes amidst a prolonged case against FTX-founder SBF, who pleaded not guilty and was charged with seven felony counts, including conspiracy to commit money laundering.
He remains at New York’s Metropolitan Detention Center awaiting sentencing and could face up to 110 years in prison.
(With inputs from Shikha Singh)
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