Binance in the sights of the US authorities: Bitcoin and “laundering”, CZ denies

The initial one will be the final – When the crypto ecosystem was still in its infancy in 2022, it suffered a particularly painful year. After several years of enthusiasm, the crypto industry’s megacorporations and colossi are taking a hit. Since the collapse of FTX has effectively eliminated Binance’s major competition, the Changpeng Zhao Platform has become the focus of much interest. The US Department of Justice is thinking about filing criminal charges against “CZ” for things like money laundering and sanction violations.

With the current Crypto Slump, who will be hit next?

Each week on the cryptocurrency market seems to blend into the next. The demise of FTX continues to provide material for our columns, illuminating Sam Bankman-policy Fried’s agenda. The public statements made by its deposed co-founder chain are unlikely to appease the defrauded users.

Changpeng Zhao, CEO of Binance, is a major player in the cryptocurrency industry. Now that his rivals have vanished, the spotlight is squarely on him. Any legal action against “CZ” and Binance would be seriously considered by the American legal system.

Since 2018, the company has been the subject of a money laundering probe. The prosecutors in charge of the case are apparently split on the outcome of the probe, with some believing ” that the evidence justifies the filing of charges against leaders,” according to the most recent data compiled by the Reuters news agency.

Binance is being accused of three things:

Transferring money without a license is illegal, as is conspiring to launder money.
Binance issues a statement in response.

The cryptocurrency trading platform promptly responded, reiterating its backing for the group accountable for ensuring conformity with applicable laws and AML regulations. Binance rejects the Reuters article’s premise that it did not ask structured questions.

Binance’s Tweet in Response to Reuters Article

In this post, Tigran Gambaryan, Binance’s Director of Intelligence and Investigations, details the measures taken by the exchange to align with the law. Gambaryan adds that he thinks this group is one of the best in the business. The impartial administration will make decisions of justice.

Nonetheless, the crypto industry does not yet appear to be free of all its upheaval, and the remainder of the year promises to be treacherous for all of its participants. Don’t let your guard down, and above all, learn to use your own private keys.

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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