Attention: Crypto Exchange Bybit Under Regulatory Scrutiny Receives Red Compliance Rating!
The Binance case has kept the crypto scene busy over the last few days. Binance and its founder, Changpeng Zhao (CZ), have pleaded guilty to money laundering as part of a $4.3 billion settlement with the U.S. authorities. The U.S. authorities are also investigating Bybit, which works with the same payment processors as Binance. We have added this crypto exchange to our Red Compliance list in our initial review. Here is our review.
FinCEN Exposes Binance’s Deep Ties with Sanctioned Russian Exchange, Implications for Ex-CEO Zhao’s Sentencing!
FinCEN's recent investigations into Binance have unearthed troubling revelations about the cryptocurrency exchange's longstanding collaboration with the Russian exchange Garantex, which has been embroiled in money laundering controversies. This partnership persisted even after Garantex Europe, based in Estonia, had its license revoked in February 2022 due to AML concerns and was subsequently placed on the OFAC sanctions list in April 2022.
Football Legend Cristiano Ronaldo Sued Over Promotion Of Binance!
Portuguese football legend Cristiano Ronaldo is currently facing a proposed class-action lawsuit, with allegations stemming from his involvement in promoting the cryptocurrency exchange Binance. This legal challenge, filed on November 27 in a United States district court in Florida, accuses Ronaldo of aiding in the offer and sale of what are claimed to be unregistered securities, in collaboration with Binance.
The Binance FinCEN Monitoring: Next In Line Are Partners Including Advcash!
The landmark settlement between crypto exchange Binance and U.S. authorities, including the DOJ, OFAC, and FinCEN, The agreement contains explosive material for the crypto industry. This settlement mandates Binance to exit the U.S. completely and puts the crypto exchange under strict FinCEN monitoring. It has to report 100,000 suspicious transactions retrospectively, which will potentially expose partners such as Advcash.
Binance Founder Changpeng Zhao Not Allowed Return To United Arab Emirates, US Court Rules!
In a recent development that has sent ripples through the cryptocurrency world, Binance founder Changpeng Zhao, commonly known as CZ, is currently confined to the United States following a guilty plea to criminal charges related to his cryptocurrency exchange. This decision was cemented by a ruling from a federal judge in Seattle, who stipulated that Zhao must remain in the U.S. pending the court's decision on the Government's review motion.
FinTelegram Insights: Lessons for Crypto Businesses From Binance’s Non-Compliance with MSB Regulations!
FinCEN's unprecedented $3.4 billion settlement with Binance, marking the largest in its history, highlights crucial lessons for the cryptocurrency industry, particularly in adhering to Money Services Business (MSB) regulations. Binance's failure in establishing an effective KYC/AML program have brought the MSB obligations under sharp focus, demonstrating that MSB registration, while mandatory, does not equate to regulatory supervision or endorsement.
Why The Binance Settlement Clears The Way To Crypto ETFs!
The recent settlement between Binance and US authorities, involving a record $4.3 billion fine and the stepping down of CEO Changpeng Zhao, has significant implications for the future of cryptocurrency Exchange-Traded Funds (ETFs) in the U.S.. This development is hypothesized to pave the way for the approval of spot crypto ETFs by the Securities and Exchange Commission (SEC) and thus be the start of the next crypto bull cycle.
Worth Reading: Reuters Special Report On Binance, Crypto And Pig Butchering!
Following the seizure of $9 million in cryptocurrencies related to an Asian pig butchering scheme, Reuters published a special report that highlights the alarming growth of 'pig butchering' scams, fraudulent investment schemes primarily operated from Asia and now recognized as a global billion-dollar industry. These scams use cryptocurrencies to process their illegal payments. Binance in particular is said to have been involved as a payment processor in recent years.
No Black Swan: While U.S. Prosecutors Want CZ Behind Bars, The Market Appreciates Milestone Settlement!
In a milestone development in the crypto world, Changpeng Zhao (CZ), the founder and former CEO of Binance, has pleaded guilty to charges of violating the Bank Secrecy Act and facilitating money laundering. Facing a potential prison sentence of up to 18 months, his sentencing is set for February 9, 2024. Amid these developments, U.S. prosecutors are concerned about the flight risk posed by Zhao, who reportedly resides in Dubai with his partner and three children.
Legal Analysis: Could Former Binance CEO Changpeng Zhao Follow Sam Bankman-Fried Into Jail?
Changpeng Zhao (CZ), the Binance founder and now-former CEO, pleaded guilty to failing to maintain an effective anti-money laundering (AML) program in violation of the Bank Secrecy Act (BSA). For this, Zhao faces 18 months in prison. He has been released on a $175 million personal recognizance bond secured by $15 million in cash and has a sentencing hearing scheduled for Feb. 23, 2024. Zhao already resigned as CEO of Binance.
Binance Founder Released On Bail, Steps Down As CEO, And Names Successor After Guilty Plea!
In the wake of his recent guilty plea, Changpeng Zhao (CZ), the now-former CEO of Binance, has announced Richard Teng as his successor. Teng, a seasoned professional with a wealth of experience in financial regulation, is set to steer the cryptocurrency exchange into a new era. Zhao acknowledged the emotional difficulty of relinquishing control but emphasized the need for responsibility.