Binance, one of the world’s largest cryptocurrency exchanges, experienced significant outflows exceeding $1 billion in the past 24 hours, excluding bitcoin, as reported by blockchain analysis firm Nansen. The company, led by Founder and CEO Changpeng Zhao, is currently facing legal challenges.
Charges include violating the Bank Secrecy Act by not implementing an effective anti-money laundering program and willfully violating U.S. economic sanctions.
Follow us on:
Read More News #latestmalaysia
Binance in trouble
In a settlement, Exchange has agreed to forfeit $2.5 billion and pay a $1.8 billion fine, totaling $4.3 billion, making it one of the largest penalties ever obtained, according to U.S. Attorney General Merrick Garland.
The outflows are significant and close to what happened previously when the exchange and its founder were charged with 13 securities violations by the SEC, says CNBC.
Browse
