NFT News by Thebittimes.Com

Binance and its CEO have pled guilty to felony charges related to violations of the Bank Secrecy Act, failure to register as a money services business, and failure to maintain an effective anti-money laundering program. Under the conditions, Changpeng Zhao ( CZ ) has been forced to resign as Binance ’s chief exec. The crypto exchange will pay $4.3 billion in order to resolve these criminal charges.  Former Binance chief compliance officer Samuel Lim has also agreed to pay $1.5 million in civil penalties to the CFTC. Under the deal, Binance will be watched by “an independent compliance monitor” for the next three years, who will have the ability to see detailed information about Binance’s transactions and activities. Today, I stepped down as CEO of Binance . Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance , and for myself. Bi...

In reports from Forbes and the Wall Street Journal, sources familiar with the matter state that Binance CEO Changpeng Zhao will be forced to step down from his role at the world’s largest exchange as part of a $4.3 billion settlement . As part of the settlement , Zhao will plead guilty to violating criminal U.S. anti-money laundering requirements. Zhao steps down Zhao is currently scheduled to appear in the federal court in Seattle on Tuesday afternoon. The deal is believed to preserve the exchange’s ability to continue operating. It is rumored that Zhao may be able to retain majority ownership, but would not be able to hold an executive role within Binance. Although there are still no comments from any of the related parties, it is worth noting that the Securities and Exchange Commission (SEC) is not participating. You might also like: U.S. Justice Department to announce Binance settlement later today Settlement details This news comes at the same time the DoJ a...

In one of the most incredible falls from grace recently, Sam Bankman-Fried, known as the “King of Crypto,” received a guilty verdict on the accounts of fraud and money laundering on November 3 in New York. The trial, which has seen a former billionaire found guilty , has lasted a little over four weeks, with the jury only needing less than five hours to deliver its final guilty verdict in this infamous case, with sentencing set to be delivered on March 28 next year. Bankman-Fried has been found guilty of stealing over $8 billion in customer funds when his cryptocurrency exchange fund declared bankruptcy in November last year. At one point, FTX was valued at over $32 billion, making him a billionaire who now faces potential decades in jail. “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the king of crypto,” US attorney Damian Williams said in a statement after the verdict...