Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7008461993766514688
Binance Halts Withdrawals: Nearly $2 billion has left the exchange in 24 hours: DOJ Prosecutors Believe Evidence Justifies Filing Charges Against Binance including CEO: https://lnkd.in/gXdx4Nq2 : #DOJ officials have discussed possible plea deals with Binance attorneys: #Binance is under investigation for possible #moneylaundering and #criminal sanctions violations https://lnkd.in/gxAg8ZUZ :
The investigation began in 2018 and is focused on Binance’s #compliance with U.S. anti-money laundering #AML laws and sanctions… Some of the at least half dozen federal prosecutors involved in the case believe the #evidence already gathered justifies moving aggressively against the #exchange and filing #criminal #charges against individual executives including founder #ChangpengZhao…
The inquiry involves prosecutors at three #Justice #Department offices: the #Money #Laundering and #Asset #Recovery Section, known as #MLARS, the U.S. Attorney’s Office for the Western District of Washington in Seattle and the #National #Cryptocurrency #Enforcement #Team. Justice Department regulations say that money laundering charges against a financial institution must be approved by the MLARS chief…
The stakes are high for the deeply troubled #crypto sector. If the investigation goes against #Binance and #Zhao, it could loosen Binance’s grip on the industry. Its hold has been strengthened by the recent collapse of rival exchange FTX. Binance’s defense attorneys have held meetings in recent months with Justice Department officials… Among Binance’s arguments: A #criminal #prosecution would wreak havoc on a crypto market already in a prolonged downturn [Should the global #Crypto #Ponzi #Schemes #defrauding US and worldwide #investors be ‘nurtured’ by the US and other national #regulators because of this really lame excuse – regardless of whosoever is the perpetrator, #FTX or ANYONE ELSE!]. The discussions included potential plea deal…
The charges under investigation are #unlicensed #money #transmission, #money #laundering #conspiracy and #criminal #sanctions #violations… No final charging decisions have been made, though prosecutors consider Zhao and some other executives to be subjects of the investigation..
NO CRYPTO #TRANSPARENCY… #PROOF!
The case has shadowed Binance for most of its five years in existence, shaping Zhao’s management of the company while he drove its explosive growth around the world. He instigated a recruitment spree last year that led to the #hiring of officials from the #InternalRevenueService’s #Criminal #Investigation division, the U.S. government agency that was investigating Binance. He enforced strict #secrecy rules on employees, telling them to use #email as little as possible and to communicate using #encrypted #messaging services.
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