Binance in the sights of the US authorities: Bitcoin and “laundering”, CZ denies


The first will be the last – The year 2022 was particularly devastating for the crypto ecosystem, still in its infancy. The crypto empires and the behemoths of the sector are feeling the blow after several years of euphoria. The brutal fall of FTX has eliminated Binance’s main competitor, the Changpeng Zhao Platform finds itself at the center of all attention. The US Department of Justice is considering bringing “CZ” to justice for money laundering and failure to comply with sanctions.

Crypto slump, who’s next?

The weeks follow each other and look alike on the crypto market. The fall of FTX never ceases to feed our columns, as light is shed on the platform of Sam Bankman-Fried. Its fallen co-founder chain public statementsnot all likely to calm the cheated users.

Changpeng Zhao is one of the key figures in the ecosystem, and heads the Binance crypto exchange. The competition having disappeared, all eyes are now on him. American justice would even consider an action against “CZ” and Binance.

The company has been under investigation for money laundering since 2018. According to the latest information collected by the Reuters news agency, the conclusion of this investigation divides the prosecutors in charge of the file, although some believe ” that the evidence supports the filing of charges against leaders”.

The charges against Binance relate to three aspects:

  • Unlicensed money transfer;
  • conspiracy to launder money;
  • violation of criminal penalties.

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Binance reacts with a press release

The crypto exchange platform was quick to react by reaffirming its support for the team responsible for compliance with laws and various anti-money laundering provisions. The Reuters article points to a lack of structure on its questions on Binance’s side, which the platform denies outright.

Binance response to Reuters article – Source Twitter

Binance’s Director of Intelligence and Investigations, Tigran Gambaryan, discusses in this blog post all the efforts the exchange has made to comply with the law. Gambaryan also claims that this team is probably one of the most competent in the financial sector. Justice will be responsible for deciding.

Be that as it may, the crypto sector does not yet seem to be free from all its turmoil and the end of the year promises to be slippery for all its participants. Stay vigilant and above all, master your private keys!

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