United

U.S. prosecutors have made a compelling case for the acceptance of one of the largest criminal penalties in U.S. history, emphasizing that Binance Holdings Ltd. knowingly violated the nation’s economic sanctions laws, exposing the financial system to exploitation for personal gain.
According<a href="https://www.bnnbloomberg.ca/us-prosecutors-in-binance-case-urge-judge-to-accept-plea-deal-1.2036077#:~:text=The%20crypto%20trading%20company%20pleaded,to%20accept%20the%20plea%20deal" rel="noopener noreferrer nofollow"> to a report by Bloomberg</a>, the prosecutors suggested that the plea deal’s punishments are appropriate.
The case involving former Binance CEO Changpeng ‘CZ’ Zhao, who pleaded guilty to anti-money laundering charges,<a href="https://thecoinrise.com/binance-founders-sentencing-postponed-to-april-details/" rel="noopener noreferrer nofollow"> is awaiting sentencing in April</a>. Although under U.S. laws, he faces a potential maximum sentence of 10 years in prison, the plea deal anticipates a lesser sentence of up to 18 months.
<h2 id="b-binance-s-violations-and-plea-deal-b">Binance’s Violations and Plea Deal</h2>
Last year, the cryptocurrency trading company pleaded guilty to charges of anti-money laundering and sanctions violations, agreeing to pay a staggering $4.3 billion in penalties. In a sentencing memo filed in federal court in Seattle on Friday, prosecutors urged a federal judge to approve the plea deal.
Interestingly, in 2023, CZ,<a href="https://thecoinrise.com/binance-ex-ceo-cz-witnessed-wealth-surge-by-25b-in-2023/" rel="noopener noreferrer nofollow"> experienced a remarkable boost in his networth,</a> seeing it rise by almost $25 billion.
<h2 id="b-prosecutors-arguments-for-acceptance-of-the-plea-deal-b">Prosecutors’ Arguments for Acceptance of the Plea Deal</h2>
The prosecutors highlighted the deliberate and serious nature of Binance’s misconduct, noting that it was orchestrated by senior executives and resulted in significant collateral consequences amounting to hundreds of millions of dollars.
They argued that the proposed penalties in the plea agreement are warranted given the severity of Binance’s actions. Moreover, the plea deal includes provisions for monitoring the company for up to five years to ensure compliance with the terms therein.
One of the key points raised by prosecutors was Binance’s failure to register as a money services business, which is required for entities involved in money transmission or conversion. This failure, coupled with the absence of an effective anti-money laundering program, left Binance, its customers, and the U.S. financial system vulnerable to exploitation by malicious actors.
<h2 id="b-anticipation-and-implications-of-the-landmark-case-b">Anticipation and Implications of the Landmark Case</h2>
Binance has acknowledged<a href="https://thecoinrise.com/binance-accused-of-aiding-terrorists-by-hamas-victims-in-a-lawsuit/" rel="noopener noreferrer nofollow"> facilitating transactions involving sanctioned groups</a>, further underscoring the gravity of its violations. Remarkably, three families whose members were killed in the October 7 Hamas attack on Israel have accused the exchange of supporting terrorists.
The outcome of this landmark case is eagerly anticipated, as it represents a significant moment in the intersection of cryptocurrency regulation and law enforcement in the United States.
The post <a href="https://thecoinrise.com/binance-us-prosecutors-push-for-judges-approval-on-plea-deal/" rel="noopener noreferrer nofollow">Binance: US Prosecutors Push for Judge’s Approval on Plea Deal</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Binance: US Prosecutors Push for Judge’s Approval on Plea Deal

Table of Contents

TheCoinrise Media

Other articles published on Feb 17, 2024

New Avatar Competitive Multiplayer Fighting Game Set to Launch in 2025

Why Polkadot (DOT) holders take aim at Kelexo (KLXO) Presale over Dogecoin (DOGE)

Crypto Media Channels Trapped: Fake $10M Uniswap Airdrop Declared

This Solana Meme Coin Jumps by 30%: Key Reasons

Arcade To Airdrop 3M ARCD To ETH, SOL, and BTC NFT Farmers

Cryptos Less Than $500B Market Cap Show Acute Strength, WLD, AGIX, & AUDIO Prices Rise Dramatically!

Join our free newsletter for daily crypto updates!