Claim BonusUS Government Charges Binance with Conspiracy and Fraud
The United States government has brought forth criminal charges against Binance, the world’s largest cryptocurrency exchange by trading volume, in a significant development in the cryptocurrency sector. The charges, detailed in recently publicized documents, accuse the exchange of conspiracy, operating an unlicensed money-transmitting business, and infringing the International Emergency Economic Powers Act.
Binance Faces Legal Action for Noncompliance
The charges against Binance culminate a year-long criminal investigation by U.S. authorities. The investigation scrutinized the company’s compliance with U.S. financial regulations and anti-money laundering standards. According to the official filing, the government alleges that Binance systematically exploited the U.S. financial system from 2017 to 2022 without adhering to the required legal and regulatory frameworks.
The legal action against Binance marks a significant moment in the U.S. government’s ongoing efforts to regulate the burgeoning cryptocurrency market. The filing outlines a pattern of behavior by Binance that allegedly circumvented U.S. laws, posing a potential risk to the integrity of the U.S. financial system.
Zhao Pleads Guilty to Money Laundering
Due to these developments, Changpeng Zhao, the CEO of Binance, has resigned from his position. In a surprising turn of events, Zhao has also pleaded guilty to charges related to violating anti-money laundering requirements. This plea marks a pivotal moment in the case, showcasing the gravity of the situation and the potential repercussions for Zhao and Binance.
Reports earlier in the week hinted at a possible settlement between the Department of Justice (DOJ) and Binance. These reports suggested that the DOJ sought a settlement above $4 billion from the exchange. The events confirm these speculations, indicating a significant financial and reputational blow to the cryptocurrency exchange.
U.S. Attorney General Merrick Garland will discuss these developments in a forthcoming press conference. This address is expected to shed further light on the charges and the government’s stance on regulatory compliance in the cryptocurrency industry.
Read Also: Bitcoin Miner Phoenix Group Goes Public in UAE
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Regulation: Hyperliquid Launches Policy Group to Push DeFi Integration in U.S. Markets
- XRP News: XRPL Activates Permissioned DEX Upgrade to Boost Institutional DeFi Adoption
- WLFI Token Sees 19% Spike Ahead of World Liberty’s Mar-a-Lago Forum Today
- Veteran Trader Peter Brandt Predicts Bitcoin Price Rebound, Gold Fall to $4000
- Peter Thiel Exits ETHZilla as Stock Slides 3% Amid Token Launch
- How XRP Price Will React as Franklin Templeton’s XRPZ ETF Gains Momentum
- Will Sui Price Rally Ahead of Grayscale’s $GSUI ETF Launch Tomorrow?
- Why Pi Network Price Could Skyrocket to $0.20 This Week
- Pi Network Price Beats Bitcoin, Ethereum, XRP as Upgrades and Potential CEX Listing Fuels Demand
- 5 Things Dogecoin Price Needs to Hit $0.20 in Feb 2026
- Bitcoin Price Prediction as Experts Warns of Quantum Risks
