Live Chat

Crypto News

Cryptocurrency News 6 months ago
ENTRESRUARPTDEFRZHHIIT

Binance Triumphs in Dubai with Regulatory License, Despite Co-Founder's Legal Woes

Algoine News
Summary:
Binance, the world's largest cryptocurrency exchange, has secured a crucial regulatory license in Dubai after co-founder Changpeng Zhao relinquished his voting rights in the local entity. Since its brush with regulatory issues following the FTX collapse, this regulatory approval serves as a significant victory for the company. Earlier, Binance settled federal charges for $4.3 billion over inadequate anti-money laundering practices, a violation of the Bank Secrecy Act. Zhao admitted guilt to one count of violating AML guidelines and resigned while facing sentencing on April 30. This story is developing and further updates are expected.
Binance has obtained a much-anticipated regulatory permit in Dubai, solidifying its position as the world's biggest cryptocurrency exchange. Binance's Virtual Asset Service Provider (VASP) permit was approved once co-founder Changpeng Zhao renounced his voting rights in the exchange's local subsidiary, as confirmed by Binance CEO Richard Teng to Bloomberg on April 18. It was a prerequisite by the Virtual Assets Regulatory Authority (VARA) for Zhao to surrender his voting rights in Dubai's Binance FZE to grant the VASP permit, as per undisclosed sources. Obtaining the total regulatory permit marks a significant victory for Binance, which has been under regulatory observation since the FTX collapse. In November 2023, Binance consented to a substantial $4.3 billion settlement with U.S. authorities to rectify federal charges concerning inadequate anti-money laundering (AML) protocols, breaching the Bank Secrecy Act. Zhao admitted guilt to a single felony charge, specifically the failure in maintaining sufficient AML practices, and stepped down in line with the plea agreement. Zhao is due for sentencing on April 30, and he could face up to 18 months in jail. In a related development, the top five BTC miners have refrained from selling despite Bitcoin halving. This news piece is still progressing, and more information will be provided as it arises.

Published At

4/18/2024 11:03:34 AM

Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.

Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal? We appreciate your report.

Report

Fill up form below please

๐Ÿš€ Algoine is in Public Beta! ๐ŸŒ We're working hard to perfect the platform, but please note that unforeseen glitches may arise during the testing stages. Your understanding and patience are appreciated. Explore at your own risk, and thank you for being part of our journey to redefine the Algo-Trading! ๐Ÿ’ก #AlgoineBetaLaunch