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Bank Secrecy Act

All articles tagged with #bank secrecy act

cryptocurrency-legal1 year ago

KuCoin and Founders Charged with AML Violations by US Government

The prominent global cryptocurrency exchange KuCoin and two of its founders have been criminally charged with operating an unlicensed money transmitting business and violating the Bank Secrecy Act by failing to maintain an adequate anti-money laundering program. The indictment alleges that KuCoin deliberately concealed the fact that substantial numbers of U.S. users were trading on its platform and failed to implement basic anti-money laundering policies, allowing the exchange to be used as a haven for illicit money laundering. The founders, CHUN GAN and KE TANG, remain at large, and the charges carry potential maximum sentences of up to 10 years in prison.

via Department of Justice|
#bank-secrecy-act#cryptocurrency-exchange#cryptocurrency-legal
cryptocurrency2 years ago

Binance Founder CZ Ordered to Stay in US Until Sentencing

Binance founder Changpeng Zhao, also known as CZ, is unable to return to the UAE until his sentencing in February 2024, as ruled by a federal judge. Zhao, who pleaded guilty to violating the Bank Secrecy Act, was released on a $175 million bond but prosecutors argued he was a flight risk. The judge agreed, citing Zhao's significant wealth, lack of an extradition treaty with the UAE, and his family residing there. Zhao may face up to 18 months in prison, but the judge noted that he could serve as few as 10.

via CoinDesk|
#bank-secrecy-act#binance#changpeng-zhao
cryptocurrency2 years ago

Binance Founder CZ Faces Temporary U.S. Detainment

Binance founder Changpeng "CZ" Zhao is currently unable to leave the U.S. as a federal judge considers a motion by the U.S. Department of Justice. Zhao recently pleaded guilty to violating the Bank Secrecy Act and resigned as CEO of Binance. The exchange itself pleaded guilty to charges of violating sanctions and money transmission laws, agreeing to pay a $4.3 billion fine. Zhao's release on a $175 million bond was granted, allowing him to return to the UAE, but the DOJ argues he could be a flight risk and wants him to remain in the U.S. until his sentencing in early 2024.

via CoinDesk|
#bank-secrecy-act#binance#changpeng-zhao
cryptocurrency2 years ago

Binance's Ex-CEO CZ Faces Flight Risk as Users Withdraw Over $1 Billion

Federal prosecutors have requested that Changpeng Zhao (CZ), the former CEO of Binance, be required to stay in the U.S. until his February sentencing for violating the Bank Secrecy Act. Prosecutors argue that CZ, a citizen of the UAE, poses a serious risk of flight and may not return if allowed to leave. Binance recently pleaded guilty to multiple charges and agreed to pay $4.3 billion in penalties. While CZ's attorneys argue that staying in the U.S. would be a hardship, prosecutors claim that his current bond agreement is insufficient to ensure his return, as most of his assets are outside the country and there is no extradition treaty between the UAE and the U.S.

via CoinDesk|
#bank-secrecy-act#binance#changpeng-zhao