Cobus
Anime Critic
2
MONTHS
2 2 MONTHS OF SERVICE
LEVEL 1
300 XP
SEC Investigations, CZ's Legal Battles, and Penalties
Currently, the Securities and Exchange Commission (SEC) is investigating Binance and Zhao. The regulator is probing alleged control of Binance’s affiliate in the US by the global crypto exchange. Binance.US faces ongoing regulatory actions from the SEC regarding alleged unregistered securities offerings to US investors.
Meanwhile, a federal judge has issued a ruling, restricting CZ's return to the UAE. Judge Richard Jones suspended a decision to allow CZ to travel to the UAE until a decision is made following his guilty plea for violating anti-money laundering and US sanctions violations.
CZ's plea deal includes a bond of $175 million, secured by $15 million in cash, ensuring his appearance for sentencing. Despite stepping down as Binance's CEO, he faces a potential maximum prison term of 10 years, expected to be reduced to 18 months, and a $50 million fine.
Binance itself admitted guilt, agreeing to pay $4.3 billion in penalties. The charges include civil lawsuits, including one involving celebrity endorsers like Cristiano Ronaldo, Jimmy Butler, Graham Stephan, and Ben Armstrong,“Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe – just like Defendant Ronaldo,” reads the filing against the soccer superstar. “Binance’s partnership with celebrities like Ronaldo was clearly designed to use the positive reputation associated with specific celebrities to convince consumers that Binance was a safe place to buy and sell cryptocurrency.”
CRYPTONEWS
Currently, the Securities and Exchange Commission (SEC) is investigating Binance and Zhao. The regulator is probing alleged control of Binance’s affiliate in the US by the global crypto exchange. Binance.US faces ongoing regulatory actions from the SEC regarding alleged unregistered securities offerings to US investors.
Meanwhile, a federal judge has issued a ruling, restricting CZ's return to the UAE. Judge Richard Jones suspended a decision to allow CZ to travel to the UAE until a decision is made following his guilty plea for violating anti-money laundering and US sanctions violations.
CZ's plea deal includes a bond of $175 million, secured by $15 million in cash, ensuring his appearance for sentencing. Despite stepping down as Binance's CEO, he faces a potential maximum prison term of 10 years, expected to be reduced to 18 months, and a $50 million fine.
Binance itself admitted guilt, agreeing to pay $4.3 billion in penalties. The charges include civil lawsuits, including one involving celebrity endorsers like Cristiano Ronaldo, Jimmy Butler, Graham Stephan, and Ben Armstrong,“Evidence now reveals that Binance’s fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe – just like Defendant Ronaldo,” reads the filing against the soccer superstar. “Binance’s partnership with celebrities like Ronaldo was clearly designed to use the positive reputation associated with specific celebrities to convince consumers that Binance was a safe place to buy and sell cryptocurrency.”
CRYPTONEWS