Changpeng Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency exchange, is under investigation for violating the Bank Secrecy Act. What does that mean? It means the company failed to implement programs that detect and prevent money laundering (AML), and never took the steps towards providing the government with the customer information (KYC) the Bank Secrecy Act requires. Sounds pretty serious, right? Well, based on the fact that the world of decentralized finance (DeFi) has ushered in, The Golden Age of Money Laundering, I would label this investigation just another day in the world of DeFi.
CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.