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2022,Binance triggered the collapse of FTX (Sam Bankman) by selling its tokens (if tokens - stocks, they - affiliated companies in classic law) Additionally, in December 2022, through its partner, a company facilitating access to Binance API(also unlicensed) called 3Commas (partly owned by FTX), Binance allowed 'looks like in home' hackers to get users funds without KYC/others procedures (without responsibility lost users keys). This resulted in losses not only of funds (through low-liquidity trading pairs from US and other countries consumers) but personal data (questioning the need to allow access to personal data via API) The company has not provided any logs for the past two years, nor has it initiated any criminal proceedings against either the hackers or 3Commas (its partner) Further,after the incident, CZ😲personally promised that they would pay if the victims proved they did not steal themselves When the victims proved their case through research conducted by the open-source intelligence company Inca Digital, which among other things showed that Binance and 3Commas committed wash😲trading amounting to damages over $100 million What did CZ do? Did he compensate the victims? No, he simply blocked the victims on Twitter!

At least 257 Americans have received prison sentences of 36 months or more for defrauding the Paycheck Protection Program. The Government is asking the court to sentence Changpeng Zhao to 36 months in prison. In my blog post I compare CZ's crimes with a handful of the PPP crimes that resulted in 36-month sentences. Using language pulled from the Government's sentencing memo: The scope and ramifications of Changpeng Zhao’s misconduct were massive ... for years he deliberately ran the company in violation of U.S. law ... violating U.S. law on an unprecedented scale ... causing significant harm to U.S national security ... because Zhao willfully failed to implement an effective compliance program and disregarded U.S. law, Binance caused violations of U.S. sanctions in excess of $898 million. Zhao’s willful violation of U.S. law was no accident or oversight: as a result, Zhao is one of richest people in the world and a celebrity in the crypto industry. Back to my own language ... The US justice system is perfectly capable of imprisoning people for defrauding pandemic relief programs. I'm fine with that. But I'm dismayed that the US justice system seems incapable of handling violations of US law where those violations were made on a massive, unprecedented scale causing significant harm to U.S national security perpetrated by one of richest people in the world. It's no wonder that so many people are disillusioned with our public institutions: when it comes to causing significant harm to U.S. national security, it pays to be rich and powerful. #binance #crypto #bitcoin #changpengzhao #justice https://lnkd.in/gA7Cq4tC

Binance US SEC Lawsuit Advances to Evidence Stage! ➡️ Read All : https://lnkd.in/eD9Sbyed Key Points: Binance US SEC lawsuit to proceed, marking a pivotal development in the ongoing legal saga. Binance.US asserts compliance with U.S. regulations and criticizes... [...] #BinanceUS #SECLawsuit #CryptoRegulation #LegalBattle #Compliance #Crypto #Legal #NBTC

A US Appeals Court this week measured just how long the long arm of US jurisdiction is in a class action claim against Binance. The case is an important reminder of need to consider the scope of any jurisdictional nexus to the US or other jurisdictions, which may take various forms, in offering digital services, including crypto-asset related activity, and seek advice in order to avoid unintended consequences. https://lnkd.in/gCt9YMHv #cryptoregulation #defidisputes

Circle VP Warns US Risks Falling Behind in Stablecoin Regulation Amid Political Stalemate ➡️ Read All : https://lnkd.in/dAJPZn8n The U.S. risks lagging in stablecoin regulation at the federal level amid competing jurisdictions worldwide, even as the Republican and Democratic parties work to establish... [...] #StablecoinRegulation #USDC #CryptoLegislation #BlockchainPolitics #FinancialInnovation #Crypto #Legal #NBTC

LESSONS FROM BINANCE FOUNDER’S PROSECUTION Changpeng Zhao, the ex-CEO and Founder of Binance, was sentenced to a four-month prison term on Tuesday after admitting to breaching US money-laundering regulations by failing to maintain an effective anti-money laundering program at Binance. This “seemingly light” sentence came after a plea bargain and with a fine too. According to BBC report, while sentencing Zhao, Judge Richard Jones said Zhao put "Binance's growth and profits over compliance with US laws and regulations I have often emphasized; the importance of regulatory compliance in every organization (https://lnkd.in/deKg_ec3) When a business doesn't conform with local laws and regulations, several consequences can occur, which may vary depending on the severity of the violations and the specific laws involved. Some common outcomes include 👇👇👇👇 * Fines and Penalties: Regulatory authorities can impose fines and penalties on non-compliant businesses. The amount may vary based on the nature and severity of the violation. * Legal Action: Businesses may face lawsuits or legal actions from government agencies, individuals, or other businesses affected by their non-compliance. * Closure or Suspension: In serious cases, regulators can order the temporary or permanent closure of the business or the suspension of its operations until compliance is achieved. * Reputation Damage: Non-compliance can harm a business's reputation, leading to loss of customers, trust, and market share. * Criminal Charges: In some instances, non-compliance with certain regulations can result in criminal charges against the business owners or executives.( just like the case of the founder of Binance) * Remediation Costs: To comply with regulations, a business may incur additional costs, such as hiring legal counsel, making necessary changes to operations, or implementing new safety measures. * Regulatory Audits and Inspections: Non-compliant businesses may be subjected to more frequent and rigorous audits and inspections by regulatory agencies. * Loss of Licenses or Permits: Certain businesses require licenses or permits to operate. Non-compliance can lead to the revocation or suspension of these licenses. When prosecution like this happens, it’s a lesson that It's very pertinent for businesses to be aware of and adhere to local laws and regulations to avoid these negative consequences and maintain their legal and ethical standing in the community. #regulatorycompliance #businesses #executives #companies #startups

Developer of Tornado Cash Appeals Money Laundering Conviction! Alexey Pertsev is appealing his money laundering conviction, with the process expected to stretch over months. The Dutch court's decision highlighted concerns over Tornado Cash's susceptibility to criminal misuse. Pertsev's arrest in 2022 amidst allegations by the U.S. Treasury adds complexity to the case. Stay tuned at Newzchain for updates on this ongoing legal battle. Read the full article here: https://lnkd.in/gEcwqe-B #MoneyLaundering #TornadoCash #LegalUpdate #Crypto #Newzchain

India’s Evolving Crypto Laws : Compliance, Fraud & Legal Insights ! #CryptoRegulation #IndiaCrypto #BlockchainCompliance #CryptoLaws #CryptoFraud #LegalInsights #FintechLaw #CryptoCompliance #RegTech #DigitalCurrency #CryptoTrends #IndianLaw #BlockchainLaw #CryptoFraudPrevention #CryptoLegal https://lnkd.in/gvekmEYf

The world of crypto asset trading is under relentless scrutiny by SARS, and historical non-compliance will lead to severe legal consequences. Criminal prosecution for tax offences is inevitable, with harsh penalties and potential jail time. Our formidable team of experts is crucial to navigate this perilous landscape, ensuring absolute legal protection and compliance with SARS regulations. Protect your future and avoid prosecution: https://bit.ly/4f1I3Mr #SARS #TaxCompliance #Crypto #Trading

New UK Law Empowering Authorities to Seize and Destroy Crypto Assets Takes Effect Today: A new law enabling the National Crime Agency and police to seize, freeze, and destroy crypto assets is now in effect in the UK.