Earthquake in the sector cryptocurrencies. Changpeng Zhaofounder and CEO of Binancethe world’s largest digital asset exchange platform, will announce its resignation this Tuesday and will plead guilty to having violated the requirements against bleaching money in the United States, according to ‘The Wall Street Journal‘.
The newspaper anticipates that the company, founded in China but with tax headquarters in Seychelles and the Cayman Islands, will also agree to pay up to 4.3 billion dollars in fines in an agreement “that can preserve the company’s ability to continue operating.”
Zhao, also known within the sector as ‘CZ’, will appear this Tuesday in federal court in Seattle, in USA, to accept the charges presented by the Department of Justice and the payment of those economic sanctions. More details of the agreement will then be given.
Blow to the ‘crypto’ sector
Related news
This decision represents the umpteenth blow to the credibility of the ‘crypto’ industry. This same Monday, the US Securities and Exchange Commission accused Krakenthe third largest cryptocurrency trading platform, of allegedly operating as an “unregistered stock exchange, broker, agent and clearing agency.”
On November 3, a criminal court declared Sam Bankman-Friedfounder of the ill-fated cryptocurrency giant FTXguilty of seven crimes including fraud to investors and money laundering. The platform, which was once valued at $32 billion, declared itself in bankruptcy on November 11, 2022. Its collapse accelerated when its users began to withdraw their funds due to lack of confidence in the project, which led to a lack of liquidity that ended up drowning it. One of them was Changpeng Zhao, his main rival in the sector.