Long accused of abetting crypto crimes, Binance has now become a victim
NEW YORK (AP) — Binance and its billionaire founder have long been accused of profiting off crypto criminals.
Binance and its founder, billionaire Changpeng Zhao, have long been accused of profiting off crypto criminals, but they have now become victims themselves. The exchange has been accused of turning a blind eye to drug traffickers, child abusers, terrorists, and money launderers on its platform. Zhao himself even served time in jail over the charges.
Recently, a hacking group, possibly from North Korea, stole an estimated $6.3 billion in bitcoin and other cryptocurrencies from Binance's customers. Binance, founded in 2017 by Zhao, is an online marketplace for buying and selling cryptocurrencies with a focus on speed, global reach, and anonymity. The exchange was founded by a former McDonald's worker in Canada who moved the company to Japan after a crypto crackdown.
Binance has faced numerous legal issues, including allegations of operating unregistered securities exchanges and failing to report suspicious transactions. In 2024, Zhao was sentenced to prison for violating the Bank Secrecy Act. The hacking group behind the theft is believed to be North Korea's elite hacking unit, which targets cryptocurrencies to circumvent U.N. sanctions.
Binance has begun recovering funds for its users, working with blockchain partners to freeze approximately $3 billion in affected assets.
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Also reported by 1 other outlet
- Long accused of abetting crypto crimes, Binance has now become a victim winnipegfreepress.com
