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US prosecutors weighing charges against Binance

The largest crypto exchange Binance could be charged with money laundering and sanctions violations

By Mike Hesp
• 2 min read
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US prosecutors weighing charges against Binance

The largest crypto exchange Binance could be charged with money laundering and violating U.S. sanctions. The company’s CEO, Changpeng Zhao, is a target.

Binance appears to be on the cusp of being charged by U.S. prosecutors. This was reported by Reuters. The news agency says it has information indicating that U.S. authorities are weighing charges over money laundering and evading sanctions against Iran.

According to Reuters, Changpeng Zhao allegedly gave staff strict non-disclosure rules and told them to use email as little as possible. They were urged to communicate primarily via encrypted messaging services.

There has been no final decision on whether to file charges, though prosecutors consider Zhao and other executives as targets of an investigation. An anonymous internal source told Reuters.

Binance would also have lax anti-money-laundering controls and handled more than $10 billion in payments for criminals and entities seeking to dodge U.S. sanctions.

After FTX’s collapse, Binance had increasingly pointed to credibility and safety. If the company faces serious charges, the consequences could be devastating for the entire crypto market.

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