Court unseals indictments against Binance and CZ, detailing expected guilty pleas
A federal court has unsealed indictments against cryptocurrency exchange, Binance, and its CEO, Changpeng “CZ” Zhao, filed by the United States government on Nov. 14. The US government expects Binance and Zhao to plead guilty. Zhao is charged with one felony count for failure to maintain an effective anti-money laundering program at Binance, violating the Bank Secrecy Act. The release of this information is likely to impact the cryptocurrency markets significantly due to Binance and Zhao's prominence in the sector. The resolution of these charges, along with significant civil resolutions, are anticipated to be announced at the plea hearings. A settlement for the criminal and civil cases is expected to involve Binance paying over $4 billion. It remains unclear if the announcement will address Binance's pending civil case with the U.S. Securities and Exchange Commission.
