Posted 12/1/2023, 4:25:59 PM
Binance Execs Allegedly Tipped Off Traders About $4.3B U.S. Settlement at Singapore Dinner
- Binance executives reportedly informed top traders about a pending $4.3B settlement with U.S. authorities at a September dinner event in Singapore
- The settlement allowed Binance to continue operating in the U.S. while avoiding potentially harsher penalties
- Then-CEO Changpeng "CZ" Zhao was not present, but incoming CEO Richard Teng mingled with guests
- As part of settlement, Binance must pay $4.3B penalty and CZ owes $150M personally to U.S. regulators
- Though the settlement resolves some legal issues, Binance still faces an SEC lawsuit and investor lawsuit over crypto promotions