The founder of the world’s largest crypto exchange was sentenced to four months in prison after pleading guilty to Bank Secrecy Act, money-transmitting, and sanctions violations.
Founder of world’s largest crypto exchange sentenced to prison
May 01, 2024 / By ICBA
The founder of the world’s largest crypto exchange was sentenced to four months in prison after pleading guilty to Bank Secrecy Act, money-transmitting, and sanctions violations.
The founder of the world’s largest crypto exchange was sentenced to four months in prison after pleading guilty to Bank Secrecy Act, money-transmitting, and sanctions violations.
Details: Binance founder Changpeng "CZ" Zhao previously agreed to a $50 million fine and stepped down as CEO, while Binance agreed to pay a $4.3 billion settlement. Among the violations, Binance failed to implement programs to prevent and report suspicious transactions with terrorists, including Hamas’s Al-Qassam Brigades, Palestinian Islamic Jihad, Al Qaeda, and ISIS.
ICBA Comments: In a recent comment letter, ICBA said recordkeeping and reporting requirements on crypto transactions are not enough to adequately protect U.S. consumers and businesses. It called on FinCEN to do more to combat crime enabled by crypto mixers.
‘Pig Butchering’ Scam: Recent ICBA blog posts spotlight the growing “pig butchering” scam, in which fraudsters use cryptocurrencies to defraud victims, and the need for a policy response.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
