Binance faces a new lawsuit for allegedly enabling money laundering.
The lawsuit accuses Binance of prioritizing profits over legal compliance, labeling them “Crypto-Wash”.
Binance and its former CEO, Changpeng Zhao (CZ), are facing a new class action lawsuit filed by three crypto investors. The lawsuit alleges that the exchange failed to prevent money laundering, which, in turn, led to the plaintiffs’ inability to recover their stolen assets. The plaintiffs filed this complaint in the U.S. District Court for the Western District of Washington, Seattle, on August 19.
The plaintiffs accuse Binance of prioritizing profits over legal obligations. They also claimed the platform facilitated bad actors in making their funds untraceable, thereby shielding them from authorities.
Moreover, the lawsuit alleges that Binance was a depository for ill-gotten gains obtained through hacks, thefts, malware, and ransomware attacks. The suit describes Binance as the “Crypto-Wash Emp
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