Попередження На цьому сайті використовуються файли cookie щоб забезпечити найкращу взаємодію з користувачем. Якщо ви продовжите перегляд, ви погоджуєтеся отримувати cookie OK

What is Binance, why is it in so much trouble, and what does it mean for crypto?

today 11/22/2023
Changpeng Zhao, also known as CZ, and his company Binance have been prominent figures in the cryptocurrency industry. Binance is not only the largest crypto exchange globally, but it also surpasses its competitors by a significant margin. While its market share has decreased due to increased regulatory pressure from US authorities, no other exchange comes close to its dominance. However, Binance's position at the top of the crypto world is now uncertain as it faces a record-breaking $4.3 billion payout to resolve criminal charges. Zhao has resigned as CEO and pleaded guilty to federal money laundering charges, resulting in the largest-ever corporate resolution involving criminal charges for an executive. US authorities found that Binance allowed illicit transactions related to child sex abuse, narcotics, and terrorist financing. The Justice Department also revealed that Binance lacked protocols to detect money laundering risks and employees were aware that this would attract criminals to the platform. Zhao could face up to 10 years behind bars, but his sentence is expected to be lower, and he has agreed to pay a $50 million criminal fine and a $150 million civil penalty. Binance's future is uncertain, and the settlement has implications for the crypto industry as a whole. While Binance and other crypto firms claim to prioritize user protection and have made efforts to invest in security and compliance, federal authorities have emphasized their commitment to tackling corporate crime. Analysts view the settlement as a partial victory for Binance and Zhao, as they managed to avoid prison time and continue operations without Zhao as CEO. The market response to the news was relatively muted, with Bitcoin experiencing a slight decrease. Investors and entrepreneurs in the crypto space are eager to see the industry move beyond idolizing founders and mature in a way that allows for its sustained growth and existence. The $4.3 billion deal for Binance reflects its status as a systemically important institution, potentially making it too big to fail. The plea deal gives Binance a chance to continue operating, as killing the company could cause further harm to average users and the industry as a whole.
Залишайтеся на зв'язку
Підпишіться на нашу розсилку та отримуйте інформацію про вихід нових статей, інформацію про ексклюзивні знижки та інше
Або підпишіться на наш Telegram, щоб завжди бути в курсі наших новин.

Недавнее

02/27/2024

41 locations of Outback Steakhouse, Carrabba'€™s Italian Grill, Bonefish Grill and Fleming'€™s to close

In a 2021 photo, an Outback Steakhouse restaurant is shown. Bloomin' Brands, the parent company of Outback Steakhouse, recently closed 41 underperforming locations across the US, including Outback Steakhouses, Carrabba's Italian Grill, Bonefish Grill, and Fleming's. The closures were due to factors such as declining sales, reduced customer traffic, and costly investments needed to improve the older assets. Despite the closures, Outback Steakhouse plans to open 18 new restaurants in the US this year with a redesigned layout. The company stated that the closures were a business decision and that affected employees may have the opportunity to transfer to other locations or receive severance. Overall, Bloomin' Brands aims to open up to 45 new restaurants across its brands in the upcoming year.
02/27/2024

Albert Einstein College of Medicine to offer free tuition after billion-dollar gift

The Albert Einstein College of Medicine recently received a record-breaking charitable donation from former faculty member Dr. Ruth Gottesman, resulting in free tuition for students at the school. The $1 billion donation was made in honor of her late husband, who was a successful investor and philanthropist. This historic gift is the largest ever received by a medical school in the United States and is intended to attract talented and diverse students who may not have otherwise been able to afford a medical education. The donation will have a significant impact on reducing the financial burden of medical school debt for future generations of healthcare leaders.
02/26/2024

Zong Qinghou, the Chinese beverage billionaire who took on Danone and won, dies

Zong Qinghou, the founder of China's Hangzhou Wahaha Group, passed away on Sunday at the age of 79. Known for his rags-to-riches story, Zong built his beverage empire from humble beginnings to become one of China's wealthiest individuals. Despite his success, Zong maintained a frugal lifestyle and was admired for his hard work ethic. His death was mourned across China, with condolences pouring in from prominent figures in the business world. Zong's rise symbolized the entrepreneurial spirit that fueled China's economic growth in the post-Mao era. Born into poverty during wartime, Zong overcame numerous challenges to build his company, eventually leading to a successful battle for control against Danone. His legacy as a self-made billionaire and national hero will be remembered in China.
02/26/2024

Harvard antisemitism official abruptly resigns from new task force

Harvard University in Cambridge, Massachusetts, on December 12, 2023. Brian Snyder/Reuters New York CNN — The co-chair of a newly established task force dedicated to combating antisemitism at Harvard University has resigned after just a month in the position. Harvard Business School professor Raffaella Sadun's sudden departure, announced on Sunday, is a setback for the university's efforts to address antisemitism. Harvard's interim president, Alan Garber, has appointed a new co-chair for the task force as Sadun has decided to focus on her research, teaching, and administrative responsibilities at the Business School. Despite her resignation, Sadun's contributions to shaping the task force's goals have been acknowledged by Garber and she has expressed gratitude for the opportunity to combat antisemitism at Harvard. The reasons for her quick departure are unclear. Harvard is facing scrutiny from various parties, with Jewish alumni conducting an audit to identify instances of antisemitism at the university. This audit was reported by the Boston Globe and follows the resignation of Rabbi David Wolpe from a separate Antisemitism Advisory Group. The presidential task force on antisemitism, formed just over a month ago, has faced controversy over the selection of co-chair Derek Penslar, but he remains on the task force. The task force's membership includes students, professors, and administrators, with a separate task force also established to address anti-Muslim and anti-Arab bias at Harvard. The university is under investigation by a congressional committee and the Department of Education for allegations of discrimination and hate speech on campus.
expand_lessexpand_more