![]() But still, it seems telling that prosecutors could not nail CZ on those more serious charges, as they seemed to easily levy against Bankman-Fried just last month. To be fair, by bringing a criminal case, the Justice Department must meet a higher burden of proof than the SEC’s civil case. ![]() But the SEC’s claims did not appear in the Justice Department’s complaint, nor did Gary Gensler join in on the joint settlement agreement with the other agencies. Those allegations littered a June lawsuit from the SEC against Binance, which accused CZ of operating a complicated web of entities that diverted customer funds to his own coffers, similar to Bankman-Fried. There were no fraud charges in the Justice Department’s case, and no accusations of commingling or misappropriating customer funds-the worst offenses in Bankman-Fried’s collection of crimes. government as a back-seat driver, Binance’s biggest question will be whether it can retain its market share.Īnd yet, Binance did not become FTX. In a press conference yesterday, Attorney General Merrick Garland claimed that Binance became the largest crypto exchange in the world in part because of the crimes it committed. ![]() As the Justice Department complaint noted, the exchange had never submitted a suspicious activity report to FinCEN, and had only implemented a wide know-your-customer system in 2022. The monitorship will fundamentally change how Binance operates.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |