Binance, one of the world's largest cryptocurrency exchanges, has been making headlines due to a series of legal issues and controversies involving its founder, Changpeng Zhao. Recent reports have revealed that Zhao pleaded guilty to money laundering violations in the US, leading to his requirement to stay in the country until his sentencing hearing in February 2024. Additionally, Binance has faced a class-action lawsuit seeking over $1 billion in damages for allegedly promoting NFTs deceptively and unlawfully with football star Cristiano Ronaldo.
Established by Changpeng Zhao in 2017, Binance quickly rose to prominence as a leading platform for trading various cryptocurrencies. It gained popularity for its wide range of digital assets available for trading and its user-friendly interface. However, the company has faced regulatory challenges in various jurisdictions due to concerns over compliance and transparency. Despite these issues, Binance has maintained its position as a key player in the cryptocurrency industry, although recent legal troubles have cast a shadow of uncertainty over its future.