If you launder money in the US, it will cost you. Maybe--------$50,000,000.00. Seems like a nice round figure. It's like losing the lottery: instead of winning a billion, you have to P A Y to play. This happened this week and made headlines. The Justice Dept. and the Attorney General sent a significant message to those nefarious characters that we know exist , that the jig is up. No more slap on the proverbial hand. This time is different.
Who was the chief character in this case? Hmmmm. How about the chief executive of Binance, the largest global cryptocurrency exchange, that's who. Changpeng Zhao appeared in Federal Court in Seattle on Tuesday and entered a guilty plea. He was accused of facilitating transactions with sanctioned groups. Not nice Senor Zhao. He agreed that his company will pay $4.3 billions in fines. Yea, "TOUCHDOWN" said prosecutors. Prices of Binance coin dropped to $242. The company acknowledged that it lacked controls. The firm was founded in 2017 in Shanghai, that's in China for the geography challenged folks. You know: where Dictator Xi runs the show.
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| Binance CEO Zhao |
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