{"id":1213349,"date":"2023-12-19T13:21:49","date_gmt":"2023-12-19T18:21:49","guid":{"rendered":"https:\/\/www.prime-wow.com\/?p=1213349"},"modified":"2023-12-19T13:21:49","modified_gmt":"2023-12-19T18:21:49","slug":"binance-to-pay-2-7-billion-fine-after-hiding-shady-transactions-from-feds","status":"publish","type":"post","link":"https:\/\/www.prime-wow.com\/?p=1213349","title":{"rendered":"Binance to pay $2.7 billion fine after hiding shady transactions from feds"},"content":{"rendered":"
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\n \"Founder<\/p>\n

Enlarge<\/a> \/<\/span> Founder and CEO of Binance Changpeng Zhao, commonly known as “CZ,” in May 10, 2022, in Rome, Italy. (credit: Antonio Masiello \/ Contributor | Getty Images Europe<\/a>)<\/p>\n<\/figure>\n

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Now that a federal court has approved a settlement with Binance, the world largest cryptocurrency exchange\u00a0is hoping to move past a money-laundering scandal that forced its founder and CEO, Changpeng Zhao, to resign and overnight drained more than $1 billion in assets from its platform.<\/p>\n

Under the settlement, Binance will “disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty” to the Commodity Futures Trading Commission (CFTC), the federal agency\u00a0announced<\/a> in a press release.<\/p>\n

Additionally, Zhao will personally pay a $150 million civil monetary penalty. According to a plea agreement<\/a> with the US Department of Justice\u2014which ordered Binance to pay a “historic” penalty of $4.3 billion<\/a>\u2014Zhao’s previously ordered $50 million fine can be credited under certain terms against the amount that Zhao owes the CFTC.<\/p>\n<\/div>\n

Read 10 remaining paragraphs<\/a> | Comments<\/a><\/p>\n


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\nSource: Ars Technica – Binance to pay .7 billion fine after hiding shady transactions from feds<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Enlarge \/ Founder and CEO of Binance Changpeng Zhao, commonly known as “CZ,” in May 10, 2022, in Rome, Italy. (credit: Antonio Masiello \/ Contributor | Getty Images Europe) Now that a federal court has approved a settlement with Binance, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1213350,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[27,110],"tags":[73],"class_list":["post-1213349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ars-technica","category-unfiltered-rss","tag-ars-technica"],"_links":{"self":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1213349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1213349"}],"version-history":[{"count":0,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1213349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/media\/1213350"}],"wp:attachment":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1213349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1213349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1213349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}