Binance will pay for everything – Kommersant FM
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Binance agreed to pay a $4.3 billion fine in a money laundering case. The founder of the crypto exchange, Changpeng Zhao, will resign and also pay a fine. The operator Binance reached an agreement with the US authorities: the company admitted guilt in violating anti-money laundering rules and US sanctions, the agency reports. In particular, Binance agreed that it was unable to prevent payments to Hamas through its platform.
Experts call the amount of recovery one of the largest in US history. However, the crypto industry reacted positively to the news around the platform, notes the former head of Binance in the CIS, crypto expert Vladimir Smerkis:
“This is very good news for the industry. Firstly, because Binance, according to various estimates, at various times controlled from 60% to 70% of the entire cryptocurrency market and trading. Therefore, of course, any pressure on such a large player greatly affects the entire industry, which currently amounts to about $1.4 trillion – not much for the financial world, but still quite a large figure.
All players are looking forward to how this story ends. In general, the industry was expecting this kind of event. And it’s good that it can end so positively. For example, without more severe legal costs or criminal penalties. For Binance, $4.3 billion is not a significant amount in terms of fines. The company can do it.”
The management of the exchange and Changpeng Zhao himself admitted their guilt. However, the deal with the Ministry of Justice allowed the site to continue operating in the United States, and its founder to retain a controlling stake in the company. In addition, thanks to the agreement, the department’s claims against Binance are settled.
However, two more civil lawsuits have been filed against the exchange. The most serious charges come from the Securities and Exchange Commission, which says the platform violated securities laws. Thus, the American authorities are trying to take control of the cryptocurrency market, believes Nikita Zuborev, senior analyst at Bestchangeru:
“The essence of all investigations against crypto exchanges is that they allegedly sell unregistered securities. But many aspects arise: what exactly are considered securities, is it a cryptocurrency? But, most likely, this is more of an image decision for the US authorities. They need to somehow push the industry.
The departure of Changpeng Zhao will not change the situation either on the market or on the stock exchange. He didn’t make any cardinal decisions; it was all done collectively. Most exchanges have previously tried to separate business for the United States and the whole world, because the rules there are very ambiguous. We already see what they lead to.”
Changpeng Zhao’s sentence for violating anti-money laundering laws will be announced later. He faces up to 10 years in prison. However, as reported by The Wall Street Journal, in a similar case, the former head of the BitMEX crypto exchange received two years of probation.
Everything is clear with us – Telegram channel “Kommersant FM”.
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