Recently the news has come on the internet that Binance CEOChangpeng Zhao has resigned because he believes ” It is the correct time to do”. Zaho declared on X (formerly Twitter) that Richard Teng, now former Global Head of Regional Markets, has been named as Zhao’s successor. Currently, this news has been making headlines on the internet as thousands of people are super curious to know about the whole information. Here we have more information about the news and we will share it with you in this article, so let’s continue the article.
What is Binance’s connection with terrorist groups
The statement arrived after he pleaded guilty to criminal charges for anti-money laundering and US embargo violations including permitting transactions with Hamas and another terrorist group. Binance, the world’s most extensive cryptocurrency exchange, is under scanner over allegations of reducing money laundering, with a special focus on trades connected to terrorist organizations like Hamas, Al Qaeda, Palestinian Islamic Jihad, and the Islamic State of Iraq and Syria (ISIS). This news went viral on many social media platforms and many people are super curious to know about the news. You are on the correct page for more information about the news, so please read the complete article.
According to the report, In February 2019, the crisis started when Samuel Lim, who was then the Chief Compliance Officer of Binance, acknowledged that the exchange had been being exploited to channel funds to terrorist groups like Hamas. Lim disclosed that terrorists had been using Binance for transactions involving rather small sums of money. This revelation came to light during a chat between Lim and a colleague. The associate said that, with only $600, Hamas could barely buy an AK47. The seemingly casual attitude displayed in the chat has now returned to haunt Binance and Zhao. Swipe up the next page for more information about the news.
The US government imposed hefty fines amounting to $4.3 billion on Binance. As Zhao was delighted guilty of failing to comply with anti-money laundering laws, the US government put the spotlight on Bimance’s reported involvement in facilitating illicit transactions including those benefiting terrorist organizations.“I will take a break first,” Zhao wrote on X. He also added, my current thinking is I will probably do some passive investing. Here we have shared all the information that we had if we get any information then we will update you soon. Stay tuned to us for more updates.