Explorer

'Lesson To Be Learnt': Rajeev Chandrasekhar Reacts To Binance CEO Admitting To Money Laundering, Lauds Modi Govt's Crypto Approach

Chandrasekhar quoted US Attorney General Merrick Garland, who referred to the Binance settlement as one of the largest corporate penalties in US history.

Binance CEO Changpeng Zhao has stepped down and admitted guilt in violating US anti-money laundering laws as part of a historic $4.3 billion settlement, according to statements from prosecutors on Tuesday. In response, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar expressed concerns about the misuse of new technology for illegal purposes, citing the recent developments around Binance and FTX on X (formerly Twitter).

Chandrasekhar quoted US Attorney General Merrick Garland, who referred to the Binance settlement as one of the largest corporate penalties in US history.

ALSO READ: Crypto Tax In India: A Tale Of Control Or Caution?

The minister praised the Narendra Modi government's handling of crypto speculations, stating that the central approach "saved countless Indians from crypto meltdown and losses."

The settlement follows a lengthy investigation into Binance, the world's largest cryptocurrency exchange. Changpeng Zhao will personally pay $50 million as part of the settlement, which includes a total payment of $4.3 billion. The investigation revealed Binance's violation of US anti-money laundering and sanctions laws, including the failure to report over 100,000 suspicious transactions involving organisations designated as terrorist groups by the US government.

As part of the settlement, Binance will pay $1.81 billion within 15 months and an additional $2.51 billion in forfeiture. Richard Teng, a longstanding Binance executive, is set to take over as the new CEO, according to Zhao's announcement.

ALSO READ: Who Is Changpeng Zhao? All You Need To Know About The Ex-Binance CEO Who Admitted To Money Laundering

Although the Justice Department sought an 18-month prison sentence for Zhao, legal experts suggest that the substantial fine appears manageable for Binance. Zhao, with a net worth of $10.2 billion, retains significant wealth and ownership stake in the company despite resigning as CEO.

In a separate development earlier this month, FTX founder Sam Bankman-Fried was declared guilty in a landmark financial fraud case. The verdict, resulting from a month-long trial in Manhattan federal court, found Bankman-Fried guilty on all seven charges, including embezzlement of $8 billion from the now-insolvent cryptocurrency exchange.

This marks one of the most significant financial fraud convictions to date and follows FTX's abrupt bankruptcy announcement nearly a year ago, leading to the obliteration of Bankman-Fried's estimated $26 billion personal wealth.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

View More
Advertisement
Advertisement
Mon Feb 24, 12:07 pm
connaught place
26.8°
Precipitation: 0 mm    Humidity: 29%   Wind: WNW 12.8 km/h
See Today's Weather
Powered By:
Accu Weather
Advertisement

Top Headlines

Day 1 Of Delhi Assembly Turns Stormy As AAP Alleges Removal Of Ambedkar, Bhagat Singh Photos; CM Hits Back
Delhi Assembly Session Stormy Over 'Removal' Of Ambedkar, Bhagat Singh Photos; CM Hits Back
Shashi Tharoor's 'I Have Options' Remark Fuels Rumours Of Rift With Congress
Shashi Tharoor's 'I Have Options' Remark Fuels Rumours Of Rift With Congress
Blast At Russian Consulate In France’s Marseille, Moscow Says Explosion Has ‘Hallmarks Of Terrorist Attack’
Blast At Russian Consulate In France, Moscow Says Explosion Has ‘Hallmarks Of Terrorist Attack’
Russia-Ukraine War Enters Fourth Year: A Timeline Of What All Is Lost In Last 3 Years
Russia-Ukraine War Enters Fourth Year: A Timeline Of What All Is Lost In Last 3 Years
Advertisement
ABP Premium

Videos

Global Investor Summit 2025: PM Modi Highlights India's Economic Growth and Madhya Pradesh's TransformationDelhi Assembly Session 2025: Arvinder Singh Lovely Sworn in as Protem Speaker | ABP NEWSMahakumbh 2025: Surge in Crowd Two Days Before Conclusion, Impact Reaches Kashi & AyodhyaDelhi Assembly Special Session: BJP vs AAP Clash Expected Over Key Issues

Photo Gallery

Embed widget