Prosecutors investigate possible liability of Binance in money laundering operations
Hello dear and loyal readers, back with all of you in this opportunity to share recent information about how the U.S. justice would prosecute Binance, this because there is an ongoing investigation to the cryptocurrency exchange, although divisions in the Department of Justice delay its resolution.
The U.S. Justice would have advanced a court case against the largest cryptocurrency exchange in the world, Binance. The investigation has been going on for more than four years, and is due to possible breaches of the company's anti-money laundering laws in that country.
As reported by Reuters news agency, the U.S. Justice has not yet aggressively moved forward with the case, nor did they announce it publicly because there are disagreements among the prosecutors working on it. While some of them consider that the evidence gathered is already sufficient, others believe that more information still needs to be gathered.
According to what the first group of prosecutors think, the evidence they already have would even allow them to bring to trial the company's top executives, such as its CEO Changpeng Zhao (CZ). The charges would include conducting money transactions without a license to do so, conspiracy to launder money and violations of criminal sanctions, details the cited source.
Also according to Reuters, and according to an investigation by that agency during 2022, Binance's controls to combat money laundering would have been "weak". In addition, the platform would have processed payments for more than 10,000 million dollars for criminals and companies seeking to evade sanctions.
The lawyers hired to defend Binance, from the law firm Gibson Dunn, discussed a possible plea agreement with prosecutors in the case. That is, a plea deal that involves accepting the charges - pleading guilty to the company - in order to avoid trial and potentially greater penalties.
While the group of prosecutors investigating Binance has not yet made a decision, the possibilities for resolving the matter are still wide, ranging from filing charges against the company and its executives, negotiating a plea bargain or even taking no legal action against the exchange.
SOURCES CONSULTED
Reuters Exclusive-U.S. Justice Dept is split over charging Binance as crypto world falters - sources. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Devdiscourse
Hi @lupafilotaxia
It's hard not to have an impression, that CZ from Binance started a conflict with few powerful people. SBF seem to be supported by some serious powers and it's hard to know who has his back (behind the curtains).
So it is not very surprising to me, that Binance is becoming a target now. Laws are constructed everywhere in a way, that regardless how badly any business owner would like to follow them - he (or she) will break many on the way. Especially since many laws and regulations are contradicting each other.
My impression is that many of such a laws has been introduced and established to keep "naughty" and "rebelious" people in check. So those people would never forget where is their place. And CZ clearly got himself on the wrong side with his recent actions (leading to FTX panic bank-run, which resulted in crash of FTX).
Also I see CZ as a high risk of being connected with CCCP officials. After all, he is Chinese. And many US politicians may see it the same way. So ... challenging times ahead of Binance.
Yours, Piotr
Hello @crypto.piotr
Good point, all this conflicting scenario comes as a result of the stance that Binance CEO had in front of the chaos that FTX developed and that did so much damage to the cryptocurrency market. I would say that Binance is receiving a vicious baseless attack.
Best regards, be well.
This only shows that cryptocurrencies are the future of the economy, the banks are behind these unfair accusations, cryptocurrencies arrived in 2009 and money laundering existed before, so the trial itself does not make sense, now it is likely that they attack binance and it would be a catastrophe for the world of cryptocurrencies
Hi @ramsesuchiha
Certainly from my perspective they are as you rightly say unfair accusations, and I would say Binance is getting a vicious baseless attack.
Best regards, be well.
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