BNB is becoming a popular crypto on the live casino scene, but recent issues has seen it value decline. Will Binance survive its recent saga?(Photo by Vadim Artyukhin on Unsplash)
Crypto gaming, playing live dealer games, has become big business.
Most casinos accept Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Dogecoin (DOGE) and/or Tether (USDT).
However, another currency is making its way into the crypto casino scene. It is a popular choice among crypto investors and casino players alike, yet recently, it has come under fire from the US government.
The US Attorney’s Office, Western District of Washington, made a shocking announcement – Binance,
The Cryptocurrency Exchange Titan and Changpeng Zhao, its founder and CEO, pleaded guilty to anti-money laundering charges in the United States. Binance has to pay over $4 billion to resolve the Justice Department’s investigation.
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Background of Binance
Binance was founded in 2017 by Changpeng Zhao and fast-tracked to the top of the global cryptocurrency exchange sector. However, the title of ‘giant of industry’ was due to its massive US customer base who dealt in crypto exchange. Because the majority of its clients were US-based, the titan of industry had certain legal obligations such as:
- comply with the US laws, requiring them to develop a AML(Anti-Money Laundering) framework
- register with FinCEN (The Financial Crimes Enforcement Network), which helps combat domestic and international money laundering, terrorist financing, and other financial crimes.
Binance has seen a dramatic fall its value since the issue with the firm. Investors are afraid of another FX style disaster, however, it looks like for the time being Binance is able to weather strom, and if it does show such resilience, it may result in BNB seeing a full recovery, and even join the current Bitcoin rally.
| Casino | BNB Casino & Other Cryptos |
|---|---|
| Goodman Casino Live | BNB, BTC, BCH, DOG, LTC, USDT, ETH, XRP, ADA |
| Beastino Casino Live | BNB, BTC, LTC, DOGE, BCH, ETH, XRP, ADA, USDT, USDC, TRX, DAI, BUSD |
| Playouwin Casino Live | BNB, BTC, ETH, LTC, XRP |
| Legzo Casino Live | BNB, BTC, BCH, DOGE, ETH, LTC, ADA |
Details of the Guilty Plea
Binance and its CEO pleaded guilty to resolve the Justice Department’s investigation into violations of the International Emergency Economic Powers Act (IEEPA) and the Bank Secrecy Act (BSA).
Following the shocking plea announcement, Changpeng Zhao, Binance’s founder and CEO, resigned from its position. Court documents also show that the mogul pleaded guilty for:
- violating the BSA (Bank Secrecy Act) which complies financial institutions to detect and prevent money laundering
- failing to establish an effective AML(anti-money laundering) framework.
The successful prosecution is thanks to the coordinated efforts of the US Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Nature of Allegations
The Secretary of the Treasury, Janet L. Yellen clarifies the allegations by stating that Binance neglected the implementation of effective anti-money laundering controls and focused on profits over regulatory obligations.
The consequences of failing to comply with regulations are far-reaching and can impact society on many levels. Janet L. Yellen claims that the now infamous company knowingly “allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.”
Financial Penalties and Future Compliance
Binance’s guilty plea agreement of a whopping $4,316,126,163 is one of the largest financial penalties in the Corporate Sector in the US.
On top of the settlement, the cryptocurrency exchange company has to undergo at least 3 years of independent compliance monitoring. In addition, the company promised to improve all of its anti-money laundering framework. With that being said, Binance is still legally allowed to operate despite the penalty prosecution.
Changpeng Zhao, Binance’s now former CEO, is subject to a financial penalty of $200 million, on top of a $50 million fine. Moreover, the $23 billionaire and founder of the largest cryptocurrency exchange is required to pay civil penalties worth $150 million.
Attorney General Merrick B. Garland Remarks
The Attorney General reveals that Binance rise to cryptocurrency exchange domination is due to violating regulation and that the recent success in uncovering these violations send a strong message to bad actors: “Using new technology to break the law does not make you a disruptor, it makes you a criminal.“
To stay up to date with crypto prices, look out for our monthly crypto update covering BTC (Bitcoin), BCH (Bitcoin Cash), DOGE (Dogecoin), ETH (Ethereum), LTC (Litecoin), and TRX (TRON). The next report is due 21 December, while our previous report was on 21 November – Issue 10 – 2023 Crypto Live Casino News.
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