Federal prosecutors are recommending a 36-month prison sentence for the former CEO of cryptocurrency exchange Binance, Changpeng Zhao. They argue that his actions in failing to prevent money laundering warrant a sentence higher than the suggested 12-18 months. Zhao stepped down as CEO in 2023 following allegations of misconduct. The U.S. government has accused both Zhao and Binance of violating anti-money laundering laws and sanctions.
The Philippine SEC has requested that Google and Apple remove Binance apps from their app stores. The regulator claims that Binance is offering unregistered securities and operating illegally in the Philippines, posing a threat to investors' funds. The SEC believes blocking access to Binance through app stores will protect Filipinos from financial harm.
Bitcoin has surged, with Ether and Solana also rising. However, volatility remains. The trial against Terraform Labs founder Do Kwon is underway, and Binance escaped custody in Nigeria over tax charges. FTX sold its stake in AI startup Anthropic. A Fidelity expert expressed optimism about Bitcoin's future, citing positive impacts from ETFs and the upcoming halving. Institutional adoption is increasing, with companies recognizing the value of Bitcoin as a hedge against inflation.
One of two Binance executives detained in Nigeria has escaped custody, while the Nigerian government has accused Binance of tax evasion. Four new charges related to tax evasion have been filed against Binance, including non-payment of VAT and income tax. The escaped executive, British-Kenyan Nadeem Anjarwalla, is being pursued with an international arrest warrant. The families of the detainees have expressed concern and called for their release.
El Salvador has profited greatly from its investment in Bitcoin. Nigeria has detained two Binance executives and demanded a $10 billion penalty. Hong Kong has launched a regulatory sandbox for stablecoin issuers. These developments showcase the differing approaches governments are taking towards cryptocurrencies.
