Tag: Binance

Binance accused of aiding terrorists in new lawsuit

Binance and its founders, including billionaire Changpeng Zhao, are facing a lawsuit in the US accusing the company of helping send millions of dollars to US- designated terrorist organisations, including Hamas and Hezbollah.

The legal action against the world’s largest cryptocurrency platform was brought by US victims of the 7 October, 2023, attacks in Israel or their families.

It is poised to revive scrutiny of the firm’s practices just a few weeks after President Donald Trump pardoned Zhao, who had pleaded guilty in 2023 to charges related to money laundering.

Binance declined to comment on the litigation but said it complied “fully with internationally recognised sanctions laws”.

The lawsuit accuses the firm of knowingly facilitating the transfer of more than $1bn to and from accounts connected to organisations designated by the US as foreign terrorist groups and responsible for the 7 October attacks.

Those payments included $50m sent after the 7 October attacks and at least two transactions sent from the US, according to the lawsuit, which was filed in federal court in North Dakota.

Binance in November 2023 had pleaded guilty and agreed to pay more than $4bn in penalties to resolve charges of money laundering and sanctions violations brought by the US government.

At the time, it pledged to improve its anti-money laundering and sanctions compliance programmes as part of that agreement.

But even after the settlement, according to the lawsuit, the company maintained a policy to only screen funds for suspicious activity when customers tried to transfer money off the platform.

“By deliberately failing to monitor inbound funds, Binance ensured that terrorists and other criminals could deposit and shuffle enormous sums on the exchange with impunity,” , the complaint says.

It alleges that the company “intentionally structured itself as a refuge for illicit activity”.

“To this day, there is no indication that Binance has meaningfully altered its core business model,” the complaint says.

The families are seeking financial damages from the company to be determined in a jury trial.

In a statement, Binance said it had improved its compliance systems and that “illicit flows” represented a tiny fraction of the money traded on its platform.

“We remain steadfast in our commitment to working with regulators, law enforcement, and our users to protect the integrity of the global digital-asset ecosystem,” a spokesperson said in a statement.

The lawsuit follows controversy over Trump’s decision last month to pardon Zhao, also known as “CZ”, who had admitted he failed to maintain an effective anti-money laundering programme at Binance.

Trump, whose family has business ties to Zhao, subsequently claimed he had ” no idea” who Mr Zhao was, while acknowledging his sons’ involvement in the crypto industry.

In a letter to administration officials last month, top Democrats said they were concerned the pardon would encourage criminal activity, alleging that it signalled to “cryptocurrency executives and other white-collar criminals that they can commit crimes with impunity, so long as they enrich President Trump enough”.

November 26, 2025
Africa Stablecoin Summit showcases the future of digital money in Africa

The inaugural edition of the Africa Stablecoin Summit 2025 brought together more than 300 high-level leaders from across Africa and beyond to explore how stablecoins can strengthen the continent’s financial systems, trade, and economic resilience.

The two-day summit, themed “Harnessing Stablecoins for Africa’s Economic Resilience,” convened central banks, regulators, commercial banks, fintech innovators, stablecoin issuers, development partners, and blockchain infrastructure firms.

Attendees included representatives from the governments and central banks of Kenya, Ghana, Nigeria, Uganda, Zambia, and South Africa, alongside delegates from the United Nations, Pan-African Payment and Settlement System (PAPSS), the International Monetary Fund (IMF), and other leading ecosystem stakeholders.

Recent data underscores the fast-growing role of stablecoins in Africa’s digital economy. Stablecoins accounted for 43% of crypto transaction volume in Sub-Saharan Africa in 2024, according to an industry report by Yellow Card, with Nigeria; the continent’s largest stablecoin market, recording nearly USD 22 billion in transactions between July 2023 and June 2024.

A blog by the Center for Global Development further notes that stablecoins already represent about 6.7% of GDP in Africa and the Middle East in terms of international stablecoin flows in 2024.

With over USD 300 billion in stablecoin transactions estimated to be flowing through African markets annually, the summit spotlighted their transformative potential in addressing currency volatility, fragmented payment systems, and high remittance costs.

The agenda featured keynotes from global and African financial leaders, including Larry Cooke (Africa Head of Legal, Binance), who officially opened the summit, alongside Saruni Maina, (Regional Operations Lead – Africa), Shahebaz Khan (Senior Vice President, Head of Commercial and Money Movement Solutions, VISA CEMEA), and Hon. Kimani Kuria (Chairperson, Finance and National Planning Committee, Kenya National Assembly)

Sessions covered regulation, interoperability, infrastructure, and real-world adoption across fintech and enterprise.

Larry Cooke, Africa Head of Legal, Binance, “Stablecoins are more than a technological innovation—they are a pathway to inclusive, cross-border financial systems that can empower businesses and individuals across Africa. At Binance, we are committed to fostering responsible innovation, collaborating with regulators, and investing in solutions that enable Africans to participate fully in the digital economy.”

Shahebaz Khan Senior Vice President, Head of Commercial and Money Movement Solutions, CEMEA, VISA

“Visa’s global network has long been the engine for how the world pays and gets paid. As money itself evolves, we’re extending that same trusted infrastructure to the next frontier: stablecoins. By pairing stablecoins with Visa’s world-class technology stack, we see tremendous potential to modernize global money movement – making payments faster, more accessible, and more secure for everyone. Whether it’s seamless remittances for consumers or enhanced liquidity for businesses, Visa is committed to bridging new digital currencies with our trusted network, turning innovation into everyday value.” Shahebaz Khan, Senior Vice President, Head of Commercial and Money Movement Solutions CEMEA at Visa

Paul Neuner, CEO Telcoin, “The promise of stablecoin and what that could really mean to telecom, it is a message that we’ve been preaching for a long time, which is the internet of money where there’s just stablecoin floating and directly transacting from consumer to merchant, the telcos can play a very large role in running the internet of money just like they run the normal internet today”

November 14, 2025
No idea who he is’, says Trump after pardoning crypto tycoon

US President Donald Trump says he does not know who Changpeng Zhao is, despite pardoning the cryptocurrency multi-billionaire last month.

Trump was asked about the pardon during an interview with CBS News’ 60 Minutes programme, which was broadcast on Sunday.

Zhao, who is also known as “CZ”, pleaded guilty to enabling money laundering in 2023. He served four months in prison and agreed to step down as the chief executive of Binance, the crypto exchange he co-founded.

His companies have partnered with firms linked to Trump on new digital-currency projects including Dominari Holdings, where his sons sit on the board of advisers and which is based in Trump Tower.

The host of 60 Minutes, Norah O’Donnell, asked Trump why he pardoned Zhao even though government prosecutors had said he caused “significant harm to US national security.”

“Okay, are you ready? I don’t know who he is”, the president responded.

Trump added that he did not recall meeting Zhao and had “no idea who he is”, only that he had been told that the businessman was a victim of a “witch hunt” by the administration of former US president Joe Biden.

During the interview, Trump also discussed his support for cryptocurrencies and said that the US had to make sure it was a leader in the industry or risk China and its rivals gaining an advantage in the emerging technology.

The president’s pardon lifts restrictions that had stopped Zhao from running financial ventures, but it is unclear whether it changes his standing with US regulators or his role at Binance.

At the time of the pardon, White House Press Secretary Karoline Leavitt called Zhao’s prosecution under the Biden administration part of a “war on cryptocurrency”, pushing back on critics who said the pardon appeared motivated by Trump’s personal financial interests.

“This was an overly prosecuted case by the Biden administration,” she said, adding that the case had been “thoroughly reviewed”. “So the president wants to correct this overreach of the Biden administration’s misjustice and he exercised his constitutional authority to do so.”

The Binance platform remains the most used crypto exchange in the world for trading digital assets.

The Trump administration previously halted a fraud case against crypto entrepreneur Justin Sun, after his investments in the Trump family’s crypto firm, World Liberty Financial.

In May, it was announced that a stablecoin launched by World Liberty Financial would be used by an Abu Dhabi firm for a $2bn (£1.52bn) investment in Binance.

Trump has also pardoned founders of the crypto exchange BitMEX, who faced charges related to money laundering, and Ross Ulbricht, founder of the Silk Road, the dark web marketplace known as a place for drug trade.

November 3, 2025
Kenya Blockchain and Crypto Conference 2025: Pioneering Innovation and Education in Digital Finance

The third edition of the Kenya Blockchain and Crypto Conference, convened by Chasing Mavericks, has drawn over 1,500 attendees in Nairobi.

The two-day conference is showcasing the transformative potential of blockchain and cryptocurrency in Kenya’s financial and technological landscape.

Sheila Waswa, CEO of Chasing Mavericks and events lead KBCC 2025, announced that the conference will feature more than 45 exhibitors presenting real-world applications of blockchain and crypto, bridging traditional finance (Web2) and decentralised ecosystems (Web3).

“This is a platform to explore the vast opportunities in blockchain and crypto,” Waswa said, emphasising the need to differentiate between the two. “Crypto is the digital asset, like Bitcoin or stablecoins such as USDT, which are pegged to the U.S. dollar and widely used for cross-border payments. Blockchain, on the other hand, is the underlying technology with applications far beyond finance, such as supply chain tracking.” Waswa explained

The conference will highlight practical use cases, including blockchain’s role in enhancing transparency in supply chains and crypto’s growing utility in trading, investing, and payments. Waswa noted that stablecoins are gaining traction for their stability and efficiency in global transactions.

Addressing common misconceptions, Waswa tackled concerns about crypto’s vulnerability to hacking, comparing it to challenges faced by traditional fintech and banking sectors.

“Hacking isn’t unique to crypto; it’s a broader fintech issue,” she said.

“The real challenge is scams, often fuelled by a lack of education. Many fall for projects promising high returns without understanding their legitimacy.”

Education is a key focus of the conference, with exhibitors and sessions dedicated to empowering attendees to identify credible crypto projects and navigate the ecosystem safely. Waswa stressed that organisations are actively working to enhance security and reduce risks in the space.

The conference also comes at a pivotal time for Kenya’s crypto regulatory framework. She also highlighted ongoing discussions around the Virtual Assets Service Providers Bill, introduced in late 2024 and tabled in Parliament this year.

The bill proposes a 1.5% digital asset tax on all crypto transactions, regardless of profit or loss. “We’re advocating for crypto to be treated like financial institutions, not gambling companies,” Waswa said, noting efforts to collaborate with policy partners to shape a fair regulatory environment.

With a diverse lineup of sponsors from both Web2 and Web3 ecosystems.

According to Kenya Revenue Authority Digital Economy Tax Office, Nickson Omondi, the Kenya Blockchain and Crypto Conference is poised to foster innovation, collaboration, and education, solidifying Kenya’s position as a hub for blockchain and crypto advancements in Africa.

While doing a comparative analysis between Kenya and other African nations, Larry Cooke, Head of Legal Africa at Binance, noted that Kenya’s regulatory efforts stand out compared to peers. For instance, Nigeria has a Digital Asset Regulatory Framework 2022, but Kenya’s VASP Bill is seen as more industry-friendly.

Mauritius and South Africa also face regulatory challenges, but Kenya’s proactive stance, supported by Binance, positions it as a potential leader.

His sentiments were echoed by Tatenda Chinodakufa, Sumsub Business Development Manager, Africa, who noted that he is particularly enthusiastic about the “fast bill”, an upcoming regulatory development in the crypto industry aimed at curbing fraud and illicit activities, such as terrorism funding, by enhancing oversight.

Noting Sumsub’s annual Fraud Report highlights the increasing accessibility of fraud tools, underscoring the need for robust verification systems. Aiming to collaborate with regulators globally to foster a safer, well-regulated environment that protects both businesses and users from fraudsters, especially in the crypto space.

June 13, 2025
Binance chief pleads guilty to money laundering charges

The Binance chief executive, Changpeng Zhao, has resigned after pleading guilty to money laundering violations.

“I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself”, he said in a post on X.

The Justice Department said it was requiring Binance, the largest crypto-exchange in the world, to pay $4.3bn (£3.4bn) in penalties and forfeitures.

It said Binance had helped users bypass sanctions across the world.

“Binance enabled nearly $900 million in transactions between US and Iranian users, and facilitated millions of dollars in transactions between US users and users in Syria, and in the Russian occupied Ukrainian regions of Crimea, Donetsk and Luhansk,” a spokesperson said.

Binance, which is registered in the Cayman Islands, is known as the world’s largest platform for buying and selling cryptocurrencies and other digital assets.

Who is the new boss of Binance?
The Justice Department also said the exchange had made it easy for criminals and terrorists to move money.

“Between August 2017 and April 2022, there were direct transfers of approximately $106 million in bitcoin to Binance.com wallets from Hydra. Hydra was a popular Russian darknet marketplace, frequently utilised by criminals, that facilitated the sale of illegal goods and services,” the department said.

Binance must now report suspicious activity to federal authorities.

“This will advance our criminal investigations into malicious cyber activity and terrorism fundraising, including the use of cryptocurrency exchanges to support groups such as Hamas,” the Justice Department said.

Richard Teng, the company’s head of regional markets, has been named the new CEO.

In a post on X, Changpeng Zhao said it was “not easy to let go emotionally.”

He is one of the most influential figures in crypto.

In March, US regulators sought to ban Binance, alleging that the firm had been operating in the country illegally.

The lawsuit from the Commodity Futures Trading Commission (CFTC) said the firm cultivated US business while failing to register properly with authorities.

It accused Binance of breaking numerous US financial laws, including rules intended to thwart money laundering.

At the time, Binance defended its practices.

It said it had made “significant investments” to ensure that US users were not active on the platform, including blocking users identified as American citizens or residents, or who had a US mobile number.

The firm was also hit with another lawsuit in June.

The company was accused of a “web of deception” by The Securities and Exchange Commission (SEC). The agency said the trading platform and Zhao, its founder, ignored the rules meant to protect investors, in order to keep operating in the US.

At the time, Binance said it would defend itself “vigorously”.

US authorities had pledged to use existing laws to root out fraud and other issues in the crypto industry, especially after the dramatic collapse of Binance rival FTX last year.

Earlier this month Sam Bankman-Fried, the founder of FTX, was found guilty of fraud.

November 22, 2023
Binance CEO pleads guilty to money laundering charges

The Binance chief executive, Changpeng Zhao, has resigned after pleading guilty to money laundering violations.

“I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself”, he said in a post on X.

The Justice Department said it was requiring Binance, the largest crypto-exchange in the world, to pay $4.3bn (£3.4bn) in penalties and forfeitures.

It said Binance had helped users bypass sanctions across the world.

“Binance enabled nearly $900 million in transactions between US and Iranian users, and facilitated millions of dollars in transactions between US users and users in Syria, and in the Russian occupied Ukrainian regions of Crimea, Donetsk and Luhansk”, a spokesperson said.

Binance, which is registered in the Cayman Islands, is known as the world’s largest platform for buying and selling cryptocurrencies and other digital assets

The Justice Department also said the exchange had made it easy for criminals and terrorists to move money.

“Between August 2017 and April 2022, there were direct transfers of approximately $106 million in bitcoin to Binance.com wallets from Hydra. Hydra was a popular Russian darknet marketplace, frequently utilised by criminals, that facilitated the sale of illegal goods and services,” the department said.

Binance must now report suspicious activity to federal authorities.

“This will advance our criminal investigations into malicious cyber activity and terrorism fundraising, including the use of cryptocurrency exchanges to support groups such as Hamas,” the Justice Department said.

Richard Teng, the company’s head of regional markets, has been named the new CEO.

In a post on X, Changpeng Zhao said it was “not easy to let go emotionally.”

He is one of the most influential figures in crypto.

November 22, 2023