Binance, world's largest crypto exchange, and its CEO face federal charges

Binance, the world’s largest cryptocurrency exchange platform — where users from across the globe buy and sell electronic forms of money — and its CEO have been charged with violating U.S. laws to prevent money laundering and is expected to face billions in fines and fees, according to court documents. 

The platform’s founder and chief executive, Canadian national Changpeng Zhao, has been accused of violating anti-money laundering laws and is expected to step down from Binance’s leadership. 

Binance has been under investigation by numerous regulators and law enforcement agencies, including the Commodities Futures Trading Commission. The company is accused of not taking appropriate steps to prevent money laundering on its platform and operating illegally in the U.S., permitting traders in nations currently sanctioned by the federal government — like Iran — to engage in business deals with Americans.

This is a developing story.

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