CZ Money Laundering Lawsuit Calls Binance A Crypto Wash Empire
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In the hundreds of crypto exchanges all around the world, whether centralized or decentralized, billions of dollars worth of cryptocurrency circulate daily. With such huge transactions and trading volumes, money laundering has become a major concern for users and investors.

One such incident has brought the CZ money laundering lawsuit into the spotlight as three people have accused the exchange of holding their funds. More importantly, the Binance exchange has been regarded as a crypto wash empire during the lawsuit filing.

What Is This New Binance Money Laundering Lawsuit?

Three plaintiffs, Philip Martin, T.F. (Natalie) Tang, and Yatin Khanna, have filed a legal lawsuit in the Western District of Washington, Seattle, against Binance Exchange and Changpeng Zhao, the ex-CEO of the exchange. The plaintiffs have brought these to court over the failure of the exchange to prevent money laundering.

The Binance Lawsuit complaint was filed on August 16 after the unsuccessful recovery of the stolen funds from the exchange. As per the complaint, the exchange has purposely not registered itself as a Money Service Business.

This led to the failure of the exchange to adhere to the Anti-money laundering program per the Bank Secrecy Act. The plaintiffs question the exchange’s KYC rules and committing violations to make profits in the US market.

More importantly, these victims have accused Binance of storing the stolen funds on the exchange itself as the thieves attempted to remove the connection between those assets and the ledger to make them untraceable.

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