“The public should beware of investing any of their hard-earned assets with or on these unlawful platforms.” “We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chair Gary Gensler said in a statement. It’s just the latest legal headache for Zhao and Binance. For years, they flouted basic know-your-customer rules by letting Americans improperly open accounts and trade, the watchdog said. In a 136-pagecomplaint filed Monday in US federal court in Washington, the SEC laid out a range of alleged violations against the world’s biggest crypto exchange and its leader. and its Chief Executive Officer Changpeng Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. "He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," Zhao said.The US Securities and Exchange Commission accused Binance Holdings Ltd. Teng added that his focus will be on three key areas: "reassuring users that they can remain confident in the financial strength, security and safety of the company," "collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections," and "working with partners to drive growth and adoption of Web3." ![]() "With CZ, and our leadership team's support," Teng said in a post Tuesday on X, "I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money." Zhao described Teng as a "highly qualified leader" and added that "with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth." Zhao has been released on a $175 million personal recognizance bond secured by $15 million in cash and has a sentencing hearing scheduled for Feb. Experts told CNBC that, for a high-profile monthlong trial that involved nearly 20 witnesses and hundreds of exhibits, they'd never seen such a speedy decision. 2 following just three hours of deliberation by the jury. The settlement comes after FTX founder Sam Bankman-Fried was found guilty of several criminal counts of fraud and conspiracy on Nov. The Department of Justice is also recommending that the court impose a $50 million fine on Zhao. Zhao personally pleaded guilty to violating and causing a financial institution to violate the Bank Secrecy Act, according to the plea agreement. The exchange has agreed to $4.3 billion in fines and forfeiture. The case against Binance, which was disclosed Tuesday, shows that three criminal charges were brought against the exchange, including conducting an unlicensed money-transmitting business, violating the International Emergency Economic Powers Act, and conspiracy. "If for nothing else, I can at least tell them what not to do." ![]() "Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately," he said. "I am content being an one-shot (lucky) entrepreneur." "I can't see myself being a CEO driving a startup again," Zhao said. The remarks are the first public comments Zhao made after he agreed to a plea deal with the U.S. agencies did not allege Binance had misappropriated user funds or engaged in market manipulation. Bank Secrecy Act and sanctions, added that he was "proud to point out" U.S. In a post on X, Zhao said he "must take responsibility" and that it was "not easy to let go emotionally." The controversial crypto entrepreneur, who was accused of violating the U.S. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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