Republican congressmen Rich McCormick and French Hill want the US government to view Gambaryan as a hostage. The resolution states that he has been "wrongfully detained abroad" and that his current situation is a "clear violation of his rights and a grave injustice". Gambaryan is a US citizen. The move comes five months after Gambaryan…
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Media reports indicated that the SEC charged Binance and Zhao, better known as ‘CZ’, for mismanaging customer funds, deceiving investors and regulators, and transgressing security regulations. The company, a leading crypto exchange, and its former CEO challenged the charges, asking for the case to be dismissed. The SEC initially filed 13 charges. Judge Amy Berman…
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This appointment comes after Binance’s founder and CEO, Changpeng Zhao, admitted to violating US money laundering and trade sanctions in November 2023. Zhao also stepped down as Binance CEO during this time and was sentenced to four months in prison in April 2024. Sources said that Forensic Risk Alliance was selected over other companies, including…
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This was confirmed with the news that the company, which runs the world’s biggest crypto exchange, has received a licence to operate as a full virtual-asset services provider (VASP). The licence has been issued by Dubai’s Virtual Assets Regulatory Authority (VARA). The regulatory process goes through four stages in Dubai, with Binance entering the third…
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The penalty includes $1.81bn criminal and $2.51bn forfeiture fines. Binance already submitted its guilty plea in November 2023 and this legal approval, which was given on Friday, 23 February 2024, brings the matter to a close. According to Reuters, the plea resolved an extensive probe that investigated Binance’s failure to report over 100,000 transactions attached…
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The DoJ had gathered evidence of Binance violating US anti-money laundering laws between US users and customers in countries such as Russia, Cuba, and Syria . Binance's CEO, Changpeng (CZ) Zhao, was specifically targeted for knowingly violating US regulatory requirements, resulting in his resignation from the exchange. Moreover, Changpeng paid a $150m fine and is awaiting…
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The Financial Intelligence Unit India (FIU IND) said it has written to the Ministry of Electronics and Information Technology in the country to block the URLs of the nine entities it states are "operating illegally without complying with the provisions of PML Act in India." The cryptocurrency exchanges on the notices are Binance, Kraken, Bitfinex,…
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Charged with breaking US anti-money-laundering laws, fraudulent customer funds management and conspiracy to commit fraud, Zhao now faces a $4.3bn settlement that must be paid to cover a federal investigation into Binance’s illegal activities by US Securities and Commission Exchange (SEC). _____________________________________________________________________________________________________________________________________ Don’t miss out the latest news, subscribe to LeapRate’s newsletter _____________________________________________________________________________________________________________________________________ To counter…
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While several other major companies have opted to exit the UK to avoid legal hot water, Binance is willing to adhere to increasingly stringent compliance requirements to remain active in the market. The good news for customers is that most of its services comply with the new regulations. That means Margin Trading, Spot Trading, Binance…
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Earlier this month, reports of the departure of Mayur Kamut, the Binance Head of Product, were issued in the wake of other key resignations, which included the Chief Strategy Officer, Patrick Hillmann, and General Counsel, Hon Ng. The company also lost its Senior Director of Investigations, Matthew Price, and Senior Vice President for Compliance, Steven…
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