The U.S. government dealt a massive blow to Binance, the world’s largest cryptocurrency exchange, which agreed to pay a roughly $4 billion settlement Tuesday as its founder and CEO Changpeng Zhao pleaded guilty to a felony related to his failure to prevent money laundering on the platform.
Zhao stepped down as the company’s chief executive and Binance admitted in the settlement to violations of the Bank Secrecy Act and apparent violations of sanctions programs, including failure to put into place suspicious transaction reporting programs.
Cryptocurrency seems to be more of a tool for crime than for serious investment.
3 comments:
Wasn't evading the law a selling point for crypto? A lot of the discussion I heard in the early days revolved around it being untraceable, and speculation about using it to purchase drugs, prostitutes and porn.
It was a way to make money out of thin air...and a lot of
computer time. In the end its all meaningless.
The biggest use was paying ransomware, why? it is anonymous.
Its greatest use is is to make crime pay. But, the biggest
crime is getting people to invest in it.
Eck!
I like the nickname given to cryptocurrencies by Paul Krugman: Dunning-Krugerrands.
-Doug in Sugar Pine
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