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The Markets React to the Binance News and the Departure of CZ
On Tuesday, the US Department of Justice announced a resolution of its case against Binance and Binance CEO CZ. According to the press release, Binance admitted to engaging in anti-money laundering, unlicensed money transmitting, and sanction violations. As part of the guilty plea, Binance agreed to pay $4 billion for violations of the Bank Secrecy Act, failure to register as a money-transmitting business, and the International Emergency Economic Powers Act. Binance founder and CEO CZ pled guilty to failing to maintain an effective anti-money laundering program, violating the Bank Secrecy Act. CZ resigned as CEO. ... (full story)