Binance and CEO Plead Guilty to Federal Charges in $4B Resolution | United States Department of Justice
www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution
What Jamie wrote
Does crypto create crooks? I don't think so. Does it create an environment that attracts crooks? Yes, for sure.
Summary of the ruling from NYDIG in "A Big Overhang is Lifted as Binance and CZ Plead Guilty":
Binance agreed to $4.3B in penalties and forfeitures to settle the charges, while CZ agreed to individually pay a $50M fine. Binance agreed to a 5-year monitorship by regulators and to exit the US market entirely. CZ, the omnipresent figure since Binance’s rise to prominence in 2017, agreed to step down as CEO as part of the deal, with Richard Teng taking over as CEO.
Unfortunately for blockchain and crypto the lack of any regulation just means that we continue to have crooks like this. I wonder at this point if not regulating crypto is the most effective way governments have to hurt it.