There are more and more lawsuits in the crypto industry for fraud and money laundering cases. Earlier this year, there was the trial of BitMEX founders Arthur Hayes and Benjamin Delon. Accused of violating the bank secrecy law, the two founders pleaded guilty. Now it’s the Binance exchange that is involved in a money laundering case of capital.
The United States has launched an investigation into Binance
In the United States, the US Department of Justice has launched an investigation into Binance and CZ. The latter are suspected of having violated the law on bank secrecy and of laundering money. You should know that in December 2020, the US Department of Justice made a request to Binance. The exchange should voluntarily provide documents relating to communications between company executives. 13 senior executives (including CZ) working for Binance were affected.
However, there is no information to certify that the exchange responded to the request. All told, US justice continues to investigate the platform and its CEO Changpeng Zhao (CZ). And if found guilty of the charges against them, they could face a 10-year prison sentence.
Separately, Binance Communications Director Patrick Hillmann was interviewed by Reuters. He then downplayed the investigation, saying it was a “standard process for any regulated organization“. He asserted: “Regulators around the world are reaching out to all major cryptocurrency exchanges to better understand our industry.»
Binance and its CEO Changpeng Zhao (CZ) are suspected of money laundering of capital and face a 10-year prison sentence. But, for Binance’s communications director, there is no reason to worry. By the way, Binance “works regularly with agencies to answer any questions they may have“.
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