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     <strong style="color: var(--td_text_color, #111111); font-family: var(--td_default_google_font_2, 'Roboto', sans-serif); font-size: 19px;">Filed on August 16 in Seattle, <a href="https://assets2.pacermonitor.com/filings/Martin_et_al_v_Binance_Holdings_LTD_et_al/Martin_et_al_v_Binance_Holdings_LTD_et_al__wawdce-24-01264__0001.0.pdf?X-Amz-Security-Token=IQoJb3JpZ2luX2VjEF8aCXVzLWVhc3QtMSJIMEYCIQCfPCN0%2Fn7zDaUuf%2BY%2Fz7z91bqD2eUP1blymkVk2PAy8wIhAP9OvMlaRuI767WJDFTp9ZveggC6g%2FJJVQnxayKbcVxDKrAFCGgQBBoMOTI0NjUxNDA4Mzk4IgwhNHbO0aGn%2BydAvTMqjQXHeXjCERUByv15%2Bl96gx4KdqBmX3J1ePlblub%2B4D%2Ff7m2E%2FGW9bUvUFACqTxmTm3HKVmvlcQqDXgNz8bIbw7zjXL3P7I0hzHPnnV1zF54wkqKX6FniN3BbSIRGWd6AtZ3d%2FM1%2FhsEgRIOTQ96y7jNxflwDeQNb7P9fl5zcDaK7DlUaGPW4wgUGOH19DKlVe0t8QDdX2ejl9umGdoxaoiIMFIl%2BH7nERQNmg0nwFmoXu0IpD%2B8c7X4xxvWcUom3DG5V630ko%2FedBjVcscoK%2Fle0sX7yFQ7zhf2W6HccvGIV8Mb9RekUeu5l0uRU6yv1FHIVRHDexQWWzkBxB9YNmgHvD6LnJ8ZJNabkxOrIh3TpFA18OvSqs6dBmYNv%2BDDaP6sYxyGaoTZ7F4G1y2apayJwm2yPztOXZAJg8%2BvTKy1ibHLQU2ABp3Bn85Bio6divJDFNGD72COOEv4l8hlPcC8tAwJOWrMFMwIGLvARrFCIyji8Dh8x0HSbfv4THVfiXgfXw6N8RvmLqs7IIcQ%2F51ysEmI9W9ph%2FIb%2BxRVKPl4qfC6X8F0DGe7CrurE%2BOwGx%2BjydI8C2nG4qBIZVI3jmJE0mxMX6pBV2ErblGq2K%2FdpsuR6hCHZGJUHQjf9p1fJAb1tCXB0W28dR6NbsYWaxDQpyuQNXePvmtgiKSA1ECCgzGJxioxx%2B31UMaI%2FFiD8t54eEbTISgnoUHOsxnlRZNxBcYzE7i%2FjrqKzhnHO3Y6BKsejeJUCqSHuHHLP9%2BBJavTTDhfETtA%2B5tjZzF2FiyQNKbTbamucypi33Dyv%2B2yltFv8o2G9eYE5ylsLc%2FkNBsLQ5cOB6i4Rg64WT9Vwo9cXF5lIX6yVzgYrnq75%2FjDIvJS2BjqwAcSwBo%2BKFy4dUCq%2B9mlmwipU0Urchqofa3F9bUjYkXCT6XC%2B4B2WnEuScF%2BWo3eRKi2r%2FgilQRBoe06aXmk9qw3B4JtS%2FAnAhxj7Ph0uPig2BW0F6S%2FtpIoRC2bml1WmMd3aNXETLd7dBgL8us%2FDz0%2BU8OVaxDVnguJid08hmNkuEKCywM4QJ0i%2BxN30MrCqdJKU7rKXC%2FzXNh%2Fhqt1Nz5zgLlnn6wxRNWF1fFZ5o%2FRV&amp;X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Date=20240820T234747Z&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Expires=600&amp;X-Amz-Credential=ASIA5OSMEZQHOFZTSMU2%2F20240820%2Fus-east-1%2Fs3%2Faws4_request&amp;X-Amz-Signature=8e18893693400974c39bcf49d17e206da31e668fa2dba22856e011651fadd058" target="_blank" rel="noopener">the lawsuit</a> accuses Binance of failing to stop the laundering of stolen cryptocurrency.</strong>
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            <p>The plaintiffs argue that this failure allowed stolen assets to remain untraceable. Let’s discover more about this news for Binance.</p> 
            <h5><strong>Binance Faces Lawsuit Over Alleged Crypto Laundering</strong></h5> 
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      <p>According to the plaintiffs, this failure contributed to the inability to trace and recover their funds. The lawsuit centers around allegations that thieves transferred stolen crypto assets to Binance to obscure the origin of the funds. The plaintiffs argue that this action undermines one of the core attributes of blockchain technology. The permanent and accurate traceability of transactions.</p> 
      <p>They contend that blockchain records should make it possible to trace stolen assets. However, the use of Binance allowed criminals to effectively erase the connection between the stolen assets and their source.</p> 
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<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/BillHughesDC/status/1825899465837834373" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><strong>Legal Expert Warns: Lawsuit Could Challenge Blockchain Analytics</strong></h5> 
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                  <p>The plaintiffs claim that without Binance’s role in laundering stolen funds, authorities could better track such assets. So, Binance argues that this would improve the recovery of stolen funds. They argue that this would be possible by retracing the steps on the blockchain.</p> 
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      <p>They assert that Binance’s role violates <a href="https://en.wikipedia.org/wiki/Racketeer_Influenced_and_Corrupt_Organizations_Act" target="_blank" rel="noopener">the RICO Act</a>, designed to combat organized crime. A legal expert has noted that if this class-action lawsuit progresses, it could put the “efficacy of blockchain analytics itself” on trial. A court case against Binance could challenge blockchain technology’s effectiveness in tracing stolen assets and raise questions about current tools for handling financial crimes.</p> 
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<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/binance-and-cz-hit-with-lawsuit-over-alleged-crypto-laundering/">Binance and CZ Hit with Lawsuit Over Alleged Crypto Laundering</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Binance and CZ Hit with Lawsuit Over Alleged Crypto Laundering

Altcoin Buzz

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