Changpeng Zhao, the former CEO of Binance, has been ordered by the United States District Court to hand over all of his Canadian passports. This action is part of a new guarantee provision that must be complied with in connection with the case of anti-money laundering violations he faces. Zhao is required to remain in the United States and must report any planned trip to the court authorities.
Based on a Cryptopotato report on March 12, court documents revealed that Zhao must submit still active or non-applicable passports to appointed third parties. In addition, he is also prohibited from obtaining new travel documents without court permission.
Binance, accused of being involved in money laundering and sanctions violations, has agreed to pay a fine of more than $4 billion. This is one of the largest fines a company has ever imposed on a company in the United States. Zhao is scheduled to serve a sentence on April 30, with a potential prison sentence of up to 18 months.
Zhao admitted his mistake in November 2023 regarding violations of the provisions of anti-money laundering in the United States. The indictment against Binance arose as a result of their failure to register as a money forwarding business and other violations related to the Bank Secretariat Law (BSA) and the International Emergency Economic Power Act (IEEPA).
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The case involving Changpeng Zhao and Binance highlights the complexity of regulation in the dynamic crypto industry. The settlement of this case is expected to encourage Binance to increase compliance with global regulations. As one of the leading crypto exchanges, international attention is focused on this case, which is expected to set a precedent in law enforcement and crypto regulation around the world.
The widespread development of technology and adoption add to the complexity of crypto regulation. The case underscores the importance of international and inter-institutional cooperation in creating an effective regulatory framework. The US court has committed to upholding the law firmly, which is expected to encourage better transparency and compliance among crypto industry players.
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