There are very strong chances that Changpeng Zhao may end up facing money laundering charges in the United States.
Changpeng Zhao, who is commonly known as “CZ” in the entire crypto-industry is the Chief Executive Officer of Binance. It is the largest crypto exchange in the entire crypto-verse.
CZ is also the founder of the Binance exchange which may be facing several violation charges in the United States.
CZ Expected to Face Legal Charges
Although the allegations are very strong against CZ, still, it is not confirmed whether the charges will be implemented or not.
The reason behind the delay is the conflict and disagreements between the decision-makers at the Department of Justice (DOJ) of the United States.
The disagreements among the US DOJ are based on divided opinions, which is stopping the regulators from taking action against CZ.
It must be noted that there are already cases being pursued by the regulators in the United States against CZ and other executives of Binance.
Even the exchange itself is part of the long-running investigations but due to the US DOJ’s divided opinions, no actions are being taken against the exchange.
Still, the fact stands that the regulators have the power of launching scrutiny against Binance as well as its executives, including CZ.
Investigation Launched by DOJ Since 2018
It was the year 2018 when the US DOJ launched an investigation against the largest cryptocurrency exchange in the entire world.
The investigations launched in 2018 pertaining to criminal sanctions violations, unlicensed money transmission, and money laundering conspiracies.
The information has been shared by four people who are well aware of the situation and are part of the entire matter.
Enough Evidence for a Legal Action
According to the people aware of the situation, there is no lack of evidence at the DOJ to take legal action against Binance.
The DOJ has already collected enough evidence and data that will allow it to take strict and aggressive action against the exchange.
The DOJ can even proceed with filing criminal charges against the exchange. However, there are some within the DOJ who are making opposite claims about having claims against the exchange.
According to others at the DOJ, they still lack the proof and the evidence to build up a strong case and investigation against the exchange.
There have been several arguments among the people at the DOJ claiming that there is a need for more evidence.
They want to collect more data, review it, and then proceed with seeking legal charges against the exchange.
Actions being reviewed by the DOJ
The inside sources at the DOJ are currently looking into further scenarios and actions against the exchange.
As per them, the DOJ may either proceed with negotiating a settlement with the exchange. They can proceed with pressing charges against the exchange and hit it with indictments.
Otherwise, they have the option of doing nothing at all and closing the cases against the exchange without taking any action.
The investigations that the DOJ has carried out are mainly against the Binance exchange. However, they also extend against the CEO of the exchange.
The investigations have also extended to other members of the exchange who are considered very powerful. These executives are said to have a very strong influence over the exchange as well as the market.
Discussions of a Plea Deal
There are three inside sources who have claimed that there is a potential plea deal going on between the Binance attorneys and the Department of Justice.
When asked for information about the plea discussion with the DOJ, the Binance spokesperson showed complete unawareness of the matter.
As per the spokesperson, they do not have any information about the inside matters of the DOJ. Therefore, it wouldn’t be appropriate if they commented on the situation.
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