Cryptocurrency

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Cryptocurrency giant Binance and former CEO Changpeng Zhao have been <a href="https://x.com/BillHughesDC/status/1825899465837834373" rel="noopener noreferrer nofollow">slapped</a> with a new class action lawsuit that alleges consumer harm due to the exchange's money-laundering activities in a Seattle federal court.
The class action lawsuit accuses the defendants of putting profits before the law since they allegedly generated substantial amounts of proceeds by allowing bad actors to make their funds untraceable. Otherwise, they would have to look over their proverbial shoulders since the authorities would be able to track down their crypto.&nbsp;
The plaintiffs have alleged that Binance acted as a depository for ill-gotten funds that were obtained by nefarious actors as the result of hacks, theft, malware, and ransomware.&nbsp;
The defendants have been accused of maximizing Binance's revenue with the help of criminals, thieves, and sanctioned users. The lawsuit describes Binance as the "Crypto-Wash Empire."&nbsp;
According to legal expert Bill Hughes, the latest class action lawsuit seeks to predictably "capitalize" on government prosecutions and enforcement actions. He added that the plaintiffs' pockets are deep since their lawyers are well credentialed.&nbsp;&nbsp;&nbsp;
"Plaintiffs say this injured them as Binance was an essential part of the laundering, and constitutes illegal racketeering that violates the RICO statute," he added.
Binance's CZ pleaded guilty to money laundering violations last November while also stepping down from his CEO position. As&nbsp;<a href="https://u.today/breaking-cz-sentenced-to-months-in-prison" rel="noopener noreferrer nofollow">reported by U.Today</a>, the former Binance boss was sentenced to four months behind bars in late April. He&nbsp;<a href="https://u.today/former-binance-ceo-cz-reports-to-federal-prison" rel="noopener noreferrer nofollow">started serving</a> his prison sentence in early June.&nbsp;

Ex-Binance CEO CZ Facing New Lawsuit: Details

U_Today

Other articles published on Aug 20, 2024

OKX Wallet Partners with Nubit to Enable Trustless Indexing for the Bitcoin Ecosystem

How VeChain’s Better Ecosystem Bridges the Gap Between Enterprise Solutions and End-User Needs

Gate.io dan Abu Dhabi Kerjasama Kembangkan Inovasi Blockchain

Ledn secures industry-first $50M Bitcoin-backed syndicated loan

China Takes Clear Stance Against Cryptocurrencies and Drives Out Miners

Profit Potential of $13.9B for Bitcoin Miners: The Role of AI Unleashed

Join our free newsletter for daily crypto updates!