CEO of Binance, Has Pleaded Guilt to the U.S. Department of Justice

Date: 22 Nov 2023 By- CoinsProbe

Criminal Charges:

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$4.3 Billion Settlement:

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Resignation and Successor:

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CZ's Acknowledgment:

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Charges Details:

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Investigation Conclusion:

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$175 Million Bond:

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Bond Conditions:

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CEO of Binance, Has Pleaded Guilt to the U.S. Department of Justice

Criminal Charges:

CZ, Binance's CEO, pleads guilty to criminal charges by the U.S. DOJ over alleged lapses in sanctions safeguards.

$4.3 Billion Settlement:

A settlement is announced, amounting to $4.3 billion, covering civil regulatory actions by the Treasury and CFTC.

Resignation and Successor:

CZ steps down as CEO; Richard Teng takes over Binance's leadership.

CZ's Acknowledgment:

CZ admits mistakes, stresses responsibility, clarifies no involvement in user fund misuse or market manipulation.

Charges Details:

CZ faces charges for lacking an effective AML program, violating the Bank Secrecy Act, as per the Nov. 14 indictment.

Investigation Conclusion:

The settlement concludes various civil and criminal investigations, but a pending SEC case remains.

$175 Million Bond:

CZ agrees to a $175 million release bond, committing to return to the U.S. before his Feb. 23, 2024, sentencing.

Bond Conditions:

CZ discloses residence, risking a warrant and hefty fines if he fails to appear, with a potential 10-year jail term.

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