Thursday, April 18, 2024

Binance Faces Up to Five Years of Monitoring After US Plea Deal.

A sentencing memorandum filed by US prosecutors indicates that Binance may have to undergo surveillance for a maximum of five years. The former CEO of the exchange admitted to breaking federal laws against money laundering and is currently awaiting sentencing.

Binance slapped with a massive $4.3 billion fine; future operations are under scrutiny.

According to a sentencing letter provided by US prosecutors, Binance may now have to endure monitoring for a maximum of five years. In November 2023, Binance admitted guilt to the accusations brought forth by the US Department of Justice and consented to forfeit and pay criminal fines of over $4.3 billion.

Changpeng Zhao, the former co-founder and CEO of Binance, resigned from the exchange after entering a guilty plea to US charges of money laundering. CZ is presently anticipating his sentence.

The memo that US prosecutors provided states that CZ may receive a sentence of up to eighteen months.

The sentencing document was submitted to the federal court in Seattle on Friday.

The price of BNB gave holders weekly gains of 11%. The price of BNB is $359.20 as of this writing. Since BNB is the native token of the cryptocurrency exchange, the court’s ruling over whether to monitor Binance or to shut down the exchange could have an impact on the price of the cryptocurrency.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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