Crypto Market Scandal: Binance CEO Charged

In late 2023, Binance’s founder, Changpeng Zhao, resigned after being charged with violating U.S. money laundering laws. Binance agreed to pay a $4.3 billion fine, while Zhao personally paid $50 million. These charges stemmed from Binance allegedly aiding in funding terrorist organizations like Hamas and engaging in illegal drug trading.

This scandal sent shockwaves through the cryptocurrency market, highlighting the need for stricter compliance and transparency on crypto exchanges.