Richard

United

The recent legal battle between the US and the Binance cryptocurrency exchange platform has been noted as the beginning of an aggressive pursuit, as exclaimed by the CFTC. The proceedings of the case have identified <a href="https://www.cryptopolitan.com/crypto-reacts-to-cz-stepping-down-legendary/" rel="noopener noreferrer nofollow">Changpeng Zhao </a>as a guilty suspect in the allegations placed against him following his guilty plea and his announcement of spewing down as Binance CEO.&nbsp;
The CFTC has noted that its pursuit will be unbiased in targeting the prosecution of non-US entities that deal with financial assets, including digital currencies. Binance’s long trial has implicated its staff, including its CEO, CZ, and this has been noted as only the beginning of a long legal crackdown.&nbsp;
<h2 class="wp-block-heading" id="binance-taking-the-spotlight-in-crypto-platforms-facing-legal-issues">Binance taking the spotlight in crypto platforms facing legal issues</h2>
Caroline D. Pham, the CFTC commissioner, stated that the authority’s agenda has no borders in its pursuit, even for the crypto legend CZ. It has been a rough ride for the crypto industry since late last year during the collapse of the FTX firm, and this ignited a long legal rollercoaster for prominent players in the industry, including Binance.&nbsp;
Commissioner Pham highlighted, “It should be crystal clear that the CFTC will not stop in its pursuit of non-U.S. entities.”
This week, the exchange has made headlines as its CEO pleaded guilty to charges including breaching anti-money laundering laws employed by the United States.&nbsp;
His <a href="https://www.reuters.com/markets/us/us-authorities-set-unveil-settlement-with-binance-source-2023-11-21/" rel="noopener noreferrer nofollow" target="_blank">guilty plea</a> was recorded as a settlement of $4.3 billion for the United States, making history as the largest settlement from a financial firm. Changpeng Zhao is also to pay a $50 million fine.&nbsp;
Part of the settlement will be directed to the Commodity Futures Trading Commission Futures Trading Commission in light of the claims on selling unregistered securities to US customers.&nbsp;
Stepping in as the new Binance CEO is Richard Teng who will replace Changpeng Zhao, who meets a similar fate as the disgraced FTX founder Sam Bankman-Fried. CZ has been found guilty of violating US laws that let him out of custody on a $175 million bond. According to the last court trial, the final hearing is set for February next year.&nbsp;
Binance also tried to dismiss all allegations placed against it by the United States CFTC months back, and this new development has fueled the CFTC to look into cryptocurrency exchange firms aggressively.&nbsp;
The regulator is now focused on further legal actions on other exchanges. Regulations in the US have been noted to be strictly implemented, and this shows the intention of securing customer financial portfolios in digital asset trading.&nbsp;
<h2 class="wp-block-heading" id="comments-over-the-binance-legal-battle-with-us-cftc">Comments over the Binance legal battle with US CFTC</h2>
In light of the case developments, Christian Goldsmith Romero, another CFTC Commissioner, added, “There are no pirate ships in US markets” and that “access to US customers is a privilege, not a right.”&nbsp;
The body also intends to continue its plans to aggressively target crypto exchanges in accordance with the laws placed on financial services by government authorities.&nbsp;
Moreover, Goldsmith also illustrated that using VPNs will not be tolerated, and neither will other actions conducted to evade KYC rules. This included pop-up questions that asked users to confirm their region, in this case, the United States.&nbsp;
The new proceedings against Binance and CZ come amid the legal battle former FTX crypto exchange CEO Sam Bankman-Fried is facing. The FTX ex-CEO pleaded not guilty in his hearing, but the court found SBF guilty of several felony counts that included money laundering conspiracies.&nbsp;
The crypto enthusiast is currently being detained at the New York Metropolitan Detention Center and is awaiting his sentencing on March 28, 2024. He faces over a century in prison, totaling 115 years.&nbsp;

‘Binance is just the beginning’ – A warning from CFTC to crypto exchanges

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