The still-developing crypto industry has suffered greatly in 2022. After many years of enthusiasm, the crypto empires and the sector’s behemoths are now feeling the pinch. Because Binance’s primary rival, FTX, was brutally defeated, Changpeng Zhao’s platform is now the center of attention. The US Department of Justice is thinking of prosecuting “CZ” for money laundering and disobeying sanctions.
WHOSE TURNED THE CRYPTO MARASMU?
The weeks are consecutive and appear the same on the cryptocurrency market. As new information about Sam Bankman-platform Fried’s is revealed, the collapse of FTX never stops supplying material for our columns. The company’s deceased co-founder has continued to make public remarks, albeit not all of them are likely to assuage the angry customers.
One of the important players in the ecosystem, Changpeng Zhao is the CEO of the Binance cryptocurrency exchange. Now that the competition is gone, he is the center of attention. Even a case against “CZ” and Binance would be taken into consideration by American law.
Since 2018, the business has been the subject of a money laundering investigation. The outcome of this probe has divided the prosecutors in charge of the file, according to the most recent information gathered by the Reuters news agency, however others believe “that the evidence warrants the bringing of charges against leaders.”
The three allegations made against Binance are as follows:
Unauthorized money transfers, financial crime conspiracies, and transgressions of the law.
WITH A PRESS RELEASE, BINANCE REPLIES.
The cryptocurrency exchange platform reacted quickly and reiterated its support for the group in charge of adhering to legal requirements and various anti-money laundering regulations. The Reuters article accuses Binance of asking unstructured questions, which the platform categorically denies.
Reuters has it wrong again.
Now they're attacking our incredible law enforcement team. A team that we're incredibly proud of – they've made crypto more secure for all of us.
Here’s the full statement we sent the reporter and a blog about our remarkable law enforcement team.
— Binance (@binance) December 12, 2022
Whatever the case, the cryptocurrency industry does not yet appear to be free of all its volatility, and the year’s conclusion looks shaky for all of its players. Keep an eye out and, most importantly, master your private keys!