A federal court has unsealed indictments against Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng “CZ” Zhao. The United States government expects both Binance and CZ to enter guilty pleas. The charges against CZ include failure to maintain an effective anti-money laundering program, violating the Bank Secrecy Act. The government believes that the resolutions of these criminal cases, along with civil settlements, will have a significant impact on Binance, its customers, and the global cryptocurrency markets. The government also anticipates that the U.S. Department of the Treasury Office of Foreign Assets Control, the U.S. Department of the Treasury Financial Crimes Enforcement Network, and the Commodity Futures Trading Commission will announce civil resolutions simultaneously with the criminal resolutions. The government highlights the potential market impact of the criminal case against Binance and CZ, comparing it to the collapse of another crypto exchange, FTX, and the subsequent indictment of its former CEO. Binance and CZ’s lawyers appeared in court for separate hearings to discuss pleas and possible detention. A settlement for the criminal and civil cases is expected to be announced soon, with CZ reportedly agreeing to plead guilty and Binance paying over $4 billion as part of the settlement. It is unclear if the announcement will address Binance’s pending civil case with the U.S. Securities and Exchange Commission.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Changpeng Zhao, Sam Bankman-Fried
Companies	U.S. Securities and Exchange Commission (SEC), U.S. District Court for the Western District of Washington at Seattle, Binance, Commodity Futures Trading Commission (CFTC), U.S. Department of the Treasury Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN)
Currencies	FTX, BNB
Securities	None