Binance and its former CEO Changpeng Zhao are facing a class-action lawsuit filed in a Seattle Federal court. The lawsuit accuses the exchange and Zhao of engaging in money laundering activities.
The plaintiffs allege that Binance prioritized profits over legal compliance, resulting in substantial proceeds from enabling notorious actors to launder their funds.
The lawsuit describes Binance as a 'Crypto-Wash Empire', emphasizing the harm caused to consumers due to these illicit activities.
This legal action highlights ongoing concerns and scrutiny over cryptocurrency exchanges and their regulatory compliance.
