Binance admits guilt in money laundering: Echoes of the scandal
The world's largest cryptocurrency exchange, Binance, found itself at the center of a scandal when its founder and CEO, Changpeng Zhao, pleaded guilty to failing to prevent money laundering. The company agreed to pay more than $4 billion following a US government investigation. The allegations were serious, and Binance inevitably faced negative consequences from this scandal.
Changpeng Zhao, known as CZ, agreed with allegations that his company had failed to maintain effective anti-money laundering measures. The very fact that the founder of the exchange pleaded guilty to such serious crimes caused shock and disappointment in the cryptocurrency industry.
CZ is the billionaire with the largest fortune in cryptocurrencies, he is able to pay a small fine due to the problems created during the financial liquidation of FTX and the arrest
Sam Bankman-Fried, who accused CZ of money laundering and organizing the bankruptcy of his exchange.
