Chengpeng Zhao, the company's founder, pleaded guilty in federal court in Seattle on Tuesday for failing to maintain an effective anti-money laundering program and has agreed to resign as part of his plea deal, the Justice Department said. In just a four year period, the department alleges Binance caused over $898 million in trades between U.S. users and users in Iran. Zhao has separately agreed to pay a $50 million fine as part of his plea deal. One compliance employee allegedly wrote, "we need a banner 'is washing drug money too hard these days - come to binance we got cake for you." Binance founder Chengpeng Zhao pleads guilty to money laundering charges: DOJ originally appeared on abcnews.go.com

Source: ABC News November 22, 2023 05:27 UTC