ICYMI – Binance to shut down US operations – cpmpany fined the odd 4 billion bucks - CEO (worth over 10 billion) fined 50 million

From here:

Binance's Zhao pleads guilty, steps down to settle US illicit finance probe | Reuters

“NEW YORK, Nov 21 (Reuters) - Binance chief Changpeng Zhao stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange, prosecutors said on Tuesday.

The deal, which will see Zhao personally pay $50 million, was described by prosecutors as one of the largest corporate penalties in U.S. history. It is another blow to the crypto industry that has been beset by investigations and comes on the heels of the recent fraud conviction of FTX founder Sam Bankman-Fried.”

“But several legal experts said it was a good outcome for Zhao, leaving his vast wealth intact and allowing him to retain his stake in Binance, the exchange he founded in 2017.

Binance broke U.S. anti-money laundering and sanctions laws and failed to report more than 100,000 suspicious transactions with organizations the U.S. described as terrorist groups including Hamas, al Qaeda and the Islamic State of Iraq and Syria, authorities said.”

So, there you go. Crypto has been a haven for those wishing to escape the clutches of the central banking system BUT it also a haven for terrorists and (not mentioned) human traffickers and drug dealers).

Oh wait, past the ads! I wonder how many “wallets” if any will be confiscated and the proceeds turned over to victims of child and human trafficking or support groups for drug addicts or sent to victims of terrorist attacks?

“The exchange also never reported transactions with websites devoted to selling child sexual abuse materials and was one of the largest recipients of ransomware proceeds, they said.

"Binance made it easy for criminals to move their stolen funds and illicit proceeds on its exchanges," U.S. Attorney General Merrick Garland said on Tuesday. "Binance also did more than just fail to comply with federal law. It pretended to comply."

“Binance will pay $1.81 billion within 15 months, and a further $2.51 billion forfeiture as part of the deal, prosecutors said.”

I wonder how many “wallets” if any will be confiscated and the proceeds turned over to victims of child and human trafficking or support groups for drug addicts or sent to victims of terrorist attacks?

Sleep with dogs, you get fleas. 50 million buck fine when you are worth 10.2 billion is less that a slap on the wrist, don’t you think? Maybe he will get the 18 months asked for by Mayorkas and the DOJ.

Onwards!

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