Binance and CEO CZ Accused of Money Laundering in Class-Action Lawsuit
CryptoNewsTerminal Staff20 Aug, 2024
Binance and CEO CZ Accused of Money Laundering in Class-Action Lawsuit
Binance, the world's largest cryptocurrency exchange, and its founder and CEO, Zhao Changpeng (CZ), are facing a class-action lawsuit in Seattle, Washington, alleging that they knowingly facilitated money laundering. The plaintiffs, a group of cryptocurrency users, allege that their digital assets were stolen through hacks and other thefts and subsequently laundered through Binance. They claim that Binance failed to implement proper blockchain tracing protocols, which would have allowed them to recover their stolen funds. The lawsuit alleges that Binance violated international law by turning a blind eye to the illicit activity on its platform. The outcome of this case will test the legal frontiers of blockchain tracing and the recovery of on-chain assets.
