The once-giant cryptocurrency exchange that went under just over two years ago, FTX, continues with its effort to claw back substantial funds from former investors. In its latest action, the Sam Bankman-Fried-founder company has gone after Binance and its former CEO, Changpeng Zhao. Bloomberg’s report indicates that the lawsuit filed by FTX’s lawyers seeks to...Read More
The former CEO and founder of the world’s largest cryptocurrency exchange has no plans to retake the chief role at the company he ran for seven years. He revealed future plans about himself and the industry as a whole during the current Binance Blockchain Week in Dubai. Live from @binance blockchain week in Dubai. Here’s...Read More
Four people have sued the U.S. Department of Justice (DOJ), demanding that it direct more funds from a $4.3 billion settlement it won against Binance into the U.S. Victims of State Sponsored Terrorism Fund (USVSST). The complainants argued in their lawsuit that the U.S. Victims of State Sponsored Terrorism Act, enacted in 2015, requires all...Read More
Changpeng Zhao, the founder and former CEO of the world’s largest cryptocurrency exchange, has served his four-month prison sentence and has been released from custody as of Friday. Although he has stepped down as the chief executive of Binance, he is still the largest stakeholder. Recall the events that took place almost a year ago...Read More
On Sept. 27, Fortune reported that Changpeng Zhao (CZ) will step out onto the streets of California as a free man two days before his official release date. The outlet reported that if a release date falls on a weekend, inmates leave custody early. CZ was scheduled for release on Sept. 29 following four months...Read More
Ki Young Ju, the CEO of blockchain analytics firm CryptoQuant, has expressed his support for former Binance CEO Changpeng Zhao (CZ) as his four-month prison sentence nears its conclusion. Zhao began serving his sentence in June 2024 after admitting to breaches of the US Bank Secrecy Act (BSA). Ki Young Ju’s Statement His guilty plea...Read More
Former Binance CEO Changpeng ‘CZ’ Zhao has been transferred from FCI Lompoc II to the RRM Long Beach halfway house in California, sparking confusion among X users who mistakenly believed he had been released. Despite the change in his location, CZ remains incarcerated. The RRM Long Beach facility, categorized as a ‘residential reentry management (RRM)...Read More
Paxful’s co-founder and former chief technology officer (CTO), Artur Schaback, pleaded guilty to conspiracy to deliberately fail in establishing, developing, implementing, and maintaining a compliant AML program as required by the Bank Secrecy Act. In a statement, the US Department of Justice’s (DOJ) Office of Public Affairs revealed that Schaback failed to collect necessary KYC...Read More
Binance.US said that it is prepared to defend itself against the US Securities and Exchange Commission after a court ruled that the regulatory agency’s case against the crypto exchange could continue. In its official statement on X, the US arm of crypto giant Binance affirmed that the “fight continues.” Binance.US Slams SEC’s Enforcement Tactics The...Read More
Binance founder and former CEO – Changpeng Zhao a.k.a CZ – received a four-month prison sentence after pleading guilty to violating US anti-money laundering laws at the world’s largest cryptocurrency exchange. In the first tweet following the sentencing, CZ revealed his intention to remain a passive investor and holder in the crypto industry while simultaneously...Read More
Binance founder and former CEO Changpeng Zhao (CZ) has publicly apologized for what he described as “poor decisions” and has taken “full responsibility” for his actions. Meanwhile, Binance co-founder He Yi said that while he acknowledges that CZ may have made mistakes, his biggest one was ignorance. CZ Issues Apology and Appeals for Second Chance...Read More
The U.S. Department of Justice (DOJ) has recommended a three-year prison sentence for Changpeng “CZ” Zhao, the founder and former Chief Executive Officer of Binance. This recommendation follows Zhao’s guilty plea last year for violating the Bank Secrecy Act last November. CZ’s Sentencing According to documents filed by DOJ attorneys on Tuesday night, Zhao should...Read More
Following his departure from the crypto exchange Binance last November, the company’s founder and former CEO Changpeng Zhao, also known as “CZ,” is looking to establish a non-revenue, free education project. The new venture targets underprivileged kids who have no access to education in developing countries. A Free, Online Education Platform for Children In an...Read More
In a recent development in the continuing legal situation involving Changpeng Zhao, the ex-CEO of Binance, the United States has instructed him to surrender all his active or expired passports to a designated third party. This directive was revealed in a legal filing submitted on March 12, changing Zhao’s bond conditions for release. Travel Restrictions...Read More
A U.S. federal judge has approved Binance’s guilty plea and a hefty $4.3 billion settlement deal for violating anti-money laundering (AML) and sanctions laws through its cryptocurrency exchange. According to a Reuters report, the plea and the settlement were accepted on Friday, February 23. The Settlement Deal The U.S. Department of Justice (DOJ) had announced...Read More
The verdict in Changpeng Zhao’s court battle with the United States government will be delayed, according to a notice filed in a Seattle court. CZ, who pleaded guilty to violations of AML procedures, was allowed to remain out of custody until his sentencing in exchange for a bail bond of $175 million. A further $15...Read More
Following the guilty plea of Changpeng Zhao (CZ), founder and former CEO of crypto exchange Binance, in November 2023, several American states have asked the local arm of the trading platform to refrain from servicing their residents. The Wall Street Journal reported that authorities in Florida and Alaska recently instructed Binance.US to cease its services...Read More
Changpeng Zhao, the founder of the crypto exchange Binance, encountered a setback last month when a federal judge denied his request to travel to the United Arab Emirates. CZ proposed using his substantial $4.5 billion stake in Binance as collateral, based on the company’s valuation from its last fundraising round two years ago. However, the...Read More
Binance co-founder Yi He held at least a 10% share in Binance’s Cayman Islands holding company, according to a new report by WSJ. A former talk-show host, Yi He, reportedly holds significant influence over the marketing and investment sectors of the company. She also assumes the role of the largest shareholder within the firm in...Read More
Major crypto exchange Binance will pay $2.7 billion in disgorgement and penalty to the Commodity Futures Trading Commission (CFTC), thereby concluding the regulator’s enforcement action against the company. Binance founder and former CEO Changpeng Zhao (CZ) will also pay $150 million to the regulatory watchdog. CFTC’s Case Against Binance Comes to an End In a...Read More
A United States district judge has ruled that Changpeng Zhao (CZ), the founder and former CEO of the world’s largest cryptocurrency exchange Binance, will remain in the country until his sentencing on February 23, 2024. According to an official document, Judge Richard Jones agreed with the U.S. government that CZ’s return to his home in...Read More
Following his resignation as CEO of Binance, crypto billionaire Changpeng Zhao has now stepped down as the chairman of the board of directors at Binance.US – the exchange giant’s American arm. Binance.US confirmed CZ’s exit in a post to X on Tuesday, addressing various concerns related to the Justice Department’s historic settlement with its parent...Read More
Arthur Hayes, the founder of the BitMEX crypto exchange network, issued a statement expressing his perspective on the unfair treatment of Changpeng Zhao (CZ), the co-founder and former CEO of Binance, by American authorities. Hayes criticized the treatment, deeming it absurd and inconsistent, emphasizing that it only highlights the arbitrary nature of punishment. BitMEX Founder...Read More
A United States district judge issued an order temporarily preventing former Binance CEO Changpeng Zhao from returning to the United Arab Emirates (UAE) before his sentencing in February 2024. Zhao previously pleaded guilty to charges relating to anti-money laundering violations. Judge Richard Jones of the U.S. District Court for the Western District of Washington at...Read More
Binance is the largest crypto exchange in the world by volume. The company just recently turned six years old earlier this year. In addition to Zhao stepping down as CEO, Binance agreed to settle DOJ charges of money laundering with a $4.3 billion fine. Furthermore, the exchange saw over $1 billion in outflows in under...Read More
The largest cryptocurrency exchange – Binance – experienced an increase in the withdrawal of funds shortly after its chief executive, CZ, pled guilty to criminal charges. Although the mass exodus of digital assets from Binance has somewhat diminished, outflows persist. The latest data indicates a transfer of funds between Binance and Coinbase Pro. CZ pleaded...Read More
Binance’s founder and former CEO, Changpeng “CZ” Zhao, pleaded guilty to violating the Bank Secrecy Act. The charges against Binance include money laundering violations, conspiracy to engage in an unlicensed money-transmitting business, and violations of US sanctions. It’s worth noting that US authorities haven’t accused Binance of misusing user funds or engaging in market manipulation....Read More
Richard Teng, the new CEO of the world’s largest cryptocurrency exchange, Binance, is no stranger to the world of finance. His ascent into the new position substantiates rumors that made the rounds earlier this year about him being the right fit for the job amid Binance’s regulatory woes. According to a company blog post, Teng...Read More
Amid reports of nearly a billion dollars worth of crypto assets getting withdrawn from Binance, the company’s new Chief Executive Officer – Richard Teng – took it to X to reassure the user base that the firm’s fundamentals are “VERY strong.” His comments were in response to a tweet suggesting Binance managed to pay the...Read More
The U.S. Department of Justice has settled charges against crypto exchange giant Binance for $4.3 billion, bringing investigations spanning back to 2018 to a close. The DOJ confirmed the settlement in a live video announcement on Tuesday, marking one of the largest enforcement actions ever closed in a crypto-related case. The company pled guilty to...Read More
