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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInBinance Copped a $4 Billion Plea but Is Still Fighting the SEC – WSJ
The SEC wasn’t involved in the monthslong settlement talks that led Binance and its founder, Changpeng Zhao, to plead guilty and settle Treasury’s civil charges, according to people familiar with the matter. The SEC’s absence reflects the high cost of settling with a civil law enforcer that can’t put people in prison but can put […]
Cristiano Ronaldo hit with $1B lawsuit for touting Binance NFTs
Portuguese soccer star Cristiano Ronaldo has been hit with class-action lawsuit seeking at least $1 billion in damages for his role in promoting cryptocurrency-related “non-fungible tokens,” or NFTs, issued by the beleaguered cryptocurrency exchange Binance. The lawsuit filed in federal court in the Southern District of Florida Monday alleges that Ronaldo’s promotion of Binance was “deceptive […]
Binance’s Changpeng Zhao Can’t Return to UAE From US for Now, Judge Says – Bloomberg
Binance Holdings Ltd. co-founder Changpeng Zhao can’t return to his home in the United Arab Emirates for now, a federal judge in Seattle ruled. US District Judge Richard Jones on Monday put on hold a ruling granting the billionaire’s request to return to the UAE following his guilty plea last week to US criminal charges […]
Coinbase CEO: crypto industry can turn page after Binance settlement
The crypto industry can finally close the chapter on a litany of scandals and problems after Binance was hit with a historic settlement by the U.S. Department of Justice, Coinbase CEO Brian Armstrong said Monday. “The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that […]
Binance Founder Changpeng ‘CZ’ Zhao Isn’t a Flight Risk, His Attorneys Say
The DOJ argued that Zhao could afford to lose the $15 million he put in a trust account and $5 million his guarantors put up. Zhao’s attorneys said this argument ignores the financial commitment he and Binance made. Other DOJ arguments similarly ignore everything Zhao has already done, they said, such as flying to the […]
Why The Binance DOJ/FinCEN/CFTC Actions Are a Huge SEC Victory (Even Though the SEC Was AWOL From The Plea Party) | John Reed Stark, LinkedIn
Gary Gensler and Gurbir Grewal, where were you yesterday? We missed your smiling faces . . . Conspicuously absent from yesterday’s blockbuster press conference announcing the Binance-related settlements, pleas and consent orders with the U.S. Department of Justice, the U.S. Commodity Futures Trading Commission, the U.S. Department of Treasury and the U.S. Financial Crimes Enforcement […]
Binance Penalties Include a Number of Crypto Industry Firsts – WSJ
U.S. regulators’ settlement with the largest cryptocurrency exchange marked a new era in its enforcement efforts in the nascent sector. Some of the penalties imposed on Binance are a first for a cryptocurrency company, with regulators employing powerful measures typically used in the past to rein in major financial institutions. Binance’s penalties include record-breaking civil […]
Binance Founder Changpeng Zhao Pleads Guilty to Money Laundering Violations – The New York Times
Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations, the government said on Tuesday, a stunning blow to the most powerful and influential figure in the global crypto industry. Binance itself also pleaded guilty and agreed to pay $4.3 billion in fines and restitution to […]
Binance to Make ‘Complete Exit’ From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement
Crypto exchange Binance will leave the U.S., pay billions in fines and appoint a monitor for five years to settle charges with the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Asset Control (OFAC), the U.S. Treasury Department’s money laundering and sanctions watchdogs, according to press releases shared Tuesday. The exchange will pay $3.4 […]
Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February
Binance founder and former CEO Changpeng “CZ” Zhao has been released from custody on a $175 million personal recognizance bond. Zhao pleaded guilty to violating the Bank Secrecy Act in court earlier on Tuesday, after federal officials alleged he directed Binance to allow U.S. customers to use the platform without conducting proper know-your-customer or anti-money […]