2024-05-06 12:29:08
“It is better to ask for forgiveness than permission“, reads the first line of the prosecutor’s report American, who was part of the court presentation against Binance Faces 36-Month Prison Sentence for Alleged Money Laundering: Crypto Industry in Turmoil*”>Changpeng Zhaociting his alleged message to his company’s employees Binanceon compliance or not with the American laws.
“He ran Binance with deliberate disregard for legal responsibilities and its ability to cause significant harm, and because of his conduct, Binance processed millions of dollars of illegal profits,” the prosecutor’s report said.
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As a result of these behaviors, billionaire Changpeng Zhao, founder and former CEO of Binance, the world’s largest cryptocurrency exchange, was sentenced this Tuesday in a Seattle court to a sentence of four months in jail by money laundering.
The sentence was handed down after Zhao pleaded guilty last November to one count of violating the bank secrecy law and failing to implement an effective anti-money laundering program in monetary exchange. This included operations between Americans and individuals in jurisdictions under international sanctions, with users from Iran, Cuba, Syria, and Russian-occupied areas of Ukraine.
The sentencing of Changpeng Zhao is a wake-up call so that clients who trade cryptocurrencies do not run unnecessary risks.
In Mexico, most companies and platforms that sell and manage cryptocurrencies are working regulated by the tax authorities.
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Despite the fines in the United States and the criminal prosecution of its founder, this company recently launched a campaign in Mexico, offering cash management, without being a bank or an authorized fintech.
It seems then, according to experts, that Binance will be regulated in the United States but in countries like Mexico it remains to be seen whether forgiveness or permission.
In a court filing, Justice Department lawyers recommended prison time for Zhao, arguing that it would hold him “accountable for his willful criminal conduct” and “send a message not only to Zhao but also… to the world.”
CSAS
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2024-05-06 12:29:08