Sentencing Trial of Changpeng Zhao, Binance Founder, Postponed! Here's the explanation

Bittime -  The trial of Changpeng Zhao, founder of Binance, which was scheduled to be held this month has been postponed. The decision was announced by the court handling the case, causing a delay in the ongoing legal process.

Changpeng Zhao, has been in the public spotlight after authorities in several countries paid attention to Binance's activities. This legal case has attracted the attention of many parties, both from the crypto industry and regulators.

The postponement of the trial gives both sides more time to prepare their arguments and gather evidence. However, there is no further information about a new date for the trial.

Binance, as one of the largest crypto exchanges in the world, continues to operate normally despite the uncertainty regarding their founder's legal case. The announcement of the postponement of this trial also does not change Binance's operational status .

Further developments related to this case will continue to be monitored by the global crypto community. It is hoped that this legal process can be resolved fairly and transparently, and will provide clearer clarification of the situation currently faced by the Binance founder.

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Changpeng Zhao Violates the Bank Secrecy Act

At the end of 2023, the crypto ecosystem was in turmoil with the Binance founder's confession of violating bank secrecy and money laundering regulations.

Changpeng Zhao was charged with violating the Bank Secrecy Act (BSA) in the United States. Below are some important points regarding the violation.

• Zhao was accused of intentionally and recklessly failing to maintain an effective anti-money laundering (AML) program at Binance.
• Binance allegedly allowed billions of dollars worth of suspicious transactions to flow through its platform.
• Zhao and Binance have also been accused of helping Iranians evade US sanctions.

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All of these allegations were acknowledged by Zhao and he and Binance had failed in several aspects of BSA compliance and agreed to pay a $175 million (around IDR 2.7 trillion) bond to avoid criminal prosecution. Zhao also agreed to step down from his position as CEO of Binance.

The impact of Zhao and Binance's violations was damage to the reputation of the cryptocurrency industry, leading to the creation of stricter regulations for cryptocurrencies in the US and other countries. Binance has taken steps to improve its AML and compliance programs.

Due to the postponement of Zhao's trial, until now he and Binance have not been punished for violating the BSA. This case is still ongoing and there is no final conclusion yet.

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To be able to buy crypto assets on  Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into  your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH ),  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

Binance's New CEO and His Impact on the Crypto Market

Jupiter (JUP): What It Is and How It Works

Binance Coin (BNB): A Quick Guide 2024

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.