Former Binance Executive Pleads Guilty to Violating Bank Secrecy Act
A former executive at Binance, the world’s largest cryptocurrency exchange, has pleaded guilty in a Seattle court to violating the Bank Secrecy Act and causing a financial institution to do the same. Yi He Zhao, also known as “Aaron Zhao,” admitted his guilt and agreed to pay a $50 million fine.
Connected Case with Binance
Last week, the U.S. Department of Justice reached a settlement with Binance over alleged money laundering, fraud, and sanctions violations. The cryptocurrency exchange will pay a record-breaking $4.3 billion fine, marking one of the largest corporate settlements in U.S. history.
About the Author
Sarah is a reporter at The Block, covering policy, regulation, and legal developments in the crypto industry. She has a background in securities regulation and has been reporting on crypto since then. Sarah’s work has been featured in publications such as The Bond Buyer and American Banker. Based in Washington D.C., she is an avid coffee lover and can be followed on Twitter @ForTheWynn.
Hot Take: Former Binance Executive’s Guilty Plea Highlights Regulatory Crackdown
The guilty plea of former Binance executive Yi He Zhao serves as another significant development in the ongoing regulatory crackdown on the cryptocurrency industry. With Zhao admitting to violating the Bank Secrecy Act and agreeing to pay a hefty fine, it reinforces the importance of adhering to anti-money laundering regulations within the crypto space.
By
By
By
By
By
By