Cryptocurrency

<a href="https://bitcoinworld.co.in/former-binance-ceo-changpeng-zhao-cz-facing-new-lawsuit/" title="Former Binance CEO Changpeng Zhao (CZ) Facing New Lawsuit" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">The former Binance boss, Changpeng Zhao (CZ), has been slapped with a new class-action lawsuit</li>
</ul>
Cryptocurrency giant Binance and former CEO Changpeng Zhao have been slapped with a <a href="https://x.com/BillHughesDC/status/1825899465837834373" rel="noopener noreferrer nofollow">new</a> 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.&nbsp;
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.&nbsp;
As reported, the former Binance boss was sentenced to four months behind bars in late April. He started serving his prison sentence in early June.

Former Binance CEO Changpeng Zhao (CZ) Facing New Lawsuit

ItsBitcoinWorld

Other articles published on Aug 20, 2024

State Street Partners With Taurus to Offer Tokenization Services

Get Ready for September: Cryptocurrencies Set for Explosive Growth

Whale Offloads 20,000 Solana Units

Strategist Predicts Altcoin Market Drop

New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash

Lido Finance Ventures Beyond Ethereum, Expands to BNB Chain

Join our free newsletter for daily crypto updates!