{"id":1851,"date":"2023-11-23T16:47:08","date_gmt":"2023-11-23T16:47:08","guid":{"rendered":"https:\/\/www.motorsinside.com\/en\/f1\/news\/32373-binance-one-of-alpines-largest-sponsors-fined-four-billion-dollars"},"modified":"2023-11-23T16:47:08","modified_gmt":"2023-11-23T16:47:08","slug":"32373-binance-one-of-alpines-largest-sponsors-fined-four-billion-dollars","status":"publish","type":"post","link":"https:\/\/www.motorsinside.com\/en\/f1\/news\/32373-binance-one-of-alpines-largest-sponsors-fined-four-billion-dollars","title":{"rendered":"Binance, one of Alpine&#8217;s largest sponsors, fined four billion dollars"},"content":{"rendered":"<p>The global cryptocurrency exchange platform Binance, a major sponsor of the BWT Alpine F1 Team, has just been fined over four billion dollars, which is approximately 3.671 billion euros, by the US Department of Justice for violating US anti-money laundering laws. Changpeng Zhao, the founder and CEO of Binance, pleaded guilty and reached an agreement with US authorities, and will have to resign from his position.<\/p>\n<p>According to the investigation by the US Treasury, Binance has taken no measures to inform various banking transactions between Islamist terrorist movements such as Al-Qaeda, the Islamic State group, or the Ezzedine al-Qassam Brigades, the armed wing of Hamas.<\/p>\n<h2>4.418 billion dollars in total fines for Binance and its founder<\/h2>\n<p>The US Department of Treasury clarified that in this agreement, the platform commits to paying two fines, the first being $3.4 billion, equivalent to \u20ac3.122 billion, and the second being $968 million, approximately \u20ac890 million, to the US Treasury. Changpeng Zhao will have to pay from his own pocket nearly \u20ac46 million, precisely $50 million. The US Treasury stated: &#8220;\u00ab By failing to implement anti-money laundering measures, Binance has enabled a wide range of criminal actors to conduct exchanges on the platform. \u00bb&#8221;<\/p>\n<p>The cryptocurrency exchange platform is one of the main sponsors of the Alpine F1 team, along with title sponsor BWT. This heavy fine could impact the collaboration between the two entities. However, Binance has not announced the end of its sponsorship with the French team.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The international cryptocurrency exchange platform has been fined $4.418 billion by the US justice system for violating American laws against money laundering. Binance allegedly failed to disclose various transactions involving multiple terrorist groups.<\/p>\n","protected":false},"author":128,"featured_media":32610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,1749],"tags":[53,1503],"class_list":["post-1851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-f1","category-news","tag-alpine-f1-team","tag-sponsoring"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance, one of Alpine&#039;s largest sponsors, fined four billion dollars - Motorsinside English<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.motorsinside.com\/en\/f1\/news\/32373-binance-one-of-alpines-largest-sponsors-fined-four-billion-dollars\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance, one of Alpine&#039;s largest sponsors, fined four billion dollars - Motorsinside English\" \/>\n<meta property=\"og:description\" content=\"The international cryptocurrency exchange platform has been fined $4.418 billion by the US justice system for violating American laws against money laundering. 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