True believers in cryptocurrency have had a rough few weeks. The US government just fined Binance – the world’s largest crypto exchange – US$4.3 billion (£3.4 billion) for its involvement in money laundering.
It forced the firm to accept intrusive monitoring and demanded that its secretive boss, Changpeng Zhao, step down and pay a personal fine of $50 million. Zhao, known as CZ, has been called the most powerful man in crypto.
The industry is still reeling from the conviction of Zhao’s bitter rival, Sam Bankman-Fried, earlier in November on seven counts of fraud and conspiracy. His company FTX – previously the second-largest crypto exchange in the world – collapsed in November 2022. SBF, as he is commonly known, could theoretically face more than 100 years in jail when he is sentenced in March 2024. Several other former leading crypto executives are also under investigation or being prosecuted.
