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Binance Founder Pleads Guilty to Bank Secrecy Act Violation

Guilty Plea Accepted from Changpeng Zhao for Violation of Bank Secrecy Act

Federal Judge Richard Jones of the United States District Court for the Western District of Washington has accepted the guilty plea from Changpeng ‘CZ’ Zhao, the founder of Binance, for one count of violating the Bank Secrecy Act. This decision comes shortly after CZ and Binance pleaded guilty to various violations related to inadequate anti-money laundering practices.

While the judge has accepted the plea, he has not yet ruled on whether CZ can return to the United Arab Emirates before his scheduled sentencing on February 23, 2024. Currently out on bail, prosecutors are requesting that CZ remains in the United States until his sentencing. CZ’s lawyers argue that he is not a flight risk and should be allowed to return to the United Arab Emirates, where his family resides, until February.

Plea Conditions and Leadership Changes at Binance

Binance has pleaded guilty to three charges, including one related to government sanctions. As part of their plea agreement, the exchange must allow monitoring by the Department of Justice and the Treasury Department, and has agreed to pay a massive fine of $4.3 billion. Richard Teng, a former executive at Binance, has taken over as CEO.

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