Former Binance CEO sentenced to four months in US prison for money laundering violations

Former Binance CEO sentenced to four months in US prison for money laundering violations

for business we’re joined by yuku in
studio good evening to you hi Mark um
someone who may be about to become the
richest Prison inmate in the United
States the former head of binance has
been sentenced to four months in prison
that’s right well a judge in Seattle has
handed a prison sentence to
champen the billionaire founder and
former CEO of the world’s largest crypto
exchange for violating US money
laundering laws before the sentence in
jail told the court that he had failed
and that he was sorry prosecutors had
accused binance of not reporting more
than 100,000 suspicious transactions
with groups such as Hamas alqaeda and
Isis they said that Z deliberately
looked the other way as people supported
child sex abuse illegal drug trade and
terrorism on the platform last November
he pleaded guilty and resigned as CEO he
also paid $50 million in fines Finance
meanwhile the company uh agreed to pay
$4.3 billion in criminal penalty Mark
it’s attorney from crypto money to real
money uh Zimbabwe has a new currency
it’s called zigg Mark uh it was
introduced digitally earlier this month
uh but has just gone into circulation in
cash form now the southern African
nation has struggled to recover ever
since the spectacular collapse of the
Zimbabwe dollar back in 2009 here via
Bal with
more it’s official the world’s newest
currency the zig is now in
circulation short for Zimbabwe gold the
zig is backed by the country’s gold
reserves and was introduced
electronically by the government last
month as zimbabweans queued up to
finally get their Bank notes and coins
There’s Hope after weeks of no real
money in
circulation now it would be easier to
get change without buying things I don’t
need with us
we’d be forced to get salt to match his
exchange however some remain
skeptical I’m scared people will con me
because I don’t understand its value we
need someone who can teach us it’s the
country’s latest attempt to rectify over
a decade in a currency crisis with the
zig being the sixth currency used since
2009’s collapse of the Zimbabwe dollar
one of the world’s worst currency
crashes that saw hyperinflation of5
billion % for many the US dollar is
still the most trusted legal tender and
prized on the black market though
authorities have cracked down on bootleg
currency dealers but analysts say it
will take time for trust in the zig to
build it’s really up to government to be
able to sustain itself and to be able to
be disciplined that they will stay away
from the printing press and then people
will slowly and gradually begin to
accept the local currency and then there
will not be any need for any alternative
money Market however despite the
government’s Hardline approach the zig
isn’t accepted Nationwide some
businesses like petrol stations and even
the country’s official passport office
have refused to accept it still favoring
US
Dollars now the big question for Yuka
how are the markets today well US Stocks
had a bad day capping A bad month uh
they accelerated the decline in the
final hour of trading the Dow Jones
Industrial Average closed down 570 70
points lower or 1 and a half% while the
NASDAQ fell more than 2% now this is new
government data showed us wages Rose
more than expected 1.2% in the last
quarter while that’s good news for
workers it increased concern about
inflation Staying High just as the US
Federal Reserve decides on its next
interest rate move on
Wednesday Microsoft next announcing a
big investment plan in Indonesia well
chief executive sat and Dela said that
the company would invest $1.7 billion
over the next four years to new cloud
and artificial intelligence
infrastructure in Indonesia he made the
announcement in Jakarta the first stop
of his tour of Southeast Asia but he
also met with the country’s president
Joko wi Doo the plan includes AI
training for 840,000 people Indonesia is
home to the third largest developer
community in the south in the Asia
Pacific after India and China earlier
this month Microsoft also announced it
would invest $2.9 billion on AI and
cloud in Japan here’s the CEO speaking
earlier right here in Indonesia we are
seeing tremendous growth in fact over
the last couple of years we’ve seen 2x
uh growth in software developers in
Indonesia uh we have uh in fact I think
Indonesia is going to be number five
globally by 2026 so it’s going to be
exciting we will have the world class
training inference infrastructure
whether it’s Nvidia whether it’s AMD or
Microsoft’s own Meer chips Microsoft on
a CH offensive there I mean it’s you
know it’s natural it’s a very populous
nation as well Indonesia you thank you
very much inde you Ro there with all the
business

A court in Seattle has sentenced Changpeng Zhao, the founder and former CEO of the crypto exchange Binance, for violating US money laundering laws.
The billionaire told the court that he had failed and that he was sorry. The sentencing comes after the defendant pleaded guilty last November and paid 50 million dollars in fines. 

Plus, Zimbabweans lined up at banks to withdraw cash as the new currency zig, the sixth since the 2009 collapse of the Zimbabwe dollar, has gone into circulation. 

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