India's MoS IT Rajeev Chandrasekhar Reacts to Binance and Changpeng Zhao Debacle 455e3x

“Using new technology to break the law does not make you a disrupter. It makes you a criminal,” said Chandrasekhar in a post on X. d3p1x

India's MoS IT Rajeev Chandrasekhar Reacts to Binance and Changpeng Zhao Debacle

Photo Credit: Facebook/ Rajeev Chandrasekhar 3lp56

Rajeev Chandrasekhar has lauded India’s gradual approach on engaging with cryptos

Highlights
  • Rajeev Chandrasekhar calls tech exploiters ‘criminals’
  • Warns crypto firms against getting involved in illegal activities
  • Binance CEO Changpeng Zhao stepped down from his role
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Rajeev Chandrasekhar has reacted strongly to Binance founder and former CEO Changpeng Zhao's ission to having violated US' anti-money laundering laws. Chandrasekhar, who is the Union Minister of State for electronics and technology, has warned crypto firms against misusing technology to flout laws and accomplish illegal activities. The warning comes in the backdrop of India still awaiting the execution timeline for the crypto roap that has been agreed upon to be adopted by all G20 member nations.

In the early hours of Tuesday, November 21, Zhao Binance broke US' anti-money laundering and sanctions laws. This led the firm ad Zhao to hide over 100,000 suspicious transactions with organisations like Hamas, al Qaeda, and the Islamic State of Iraq and Syria, all of which are recognised as terrorist groups.

Reacting to the development, Chandrasekhar said that the Indian government's FTX last year that had wiped out over $200 billion (roughly Rs. 16,66,428 crore) from the crypto market.

“Using new technology to break the law does not make you a disrupter. It makes you a criminal,” he added.

Emerging among the heftiest corporate penalties in the US history, Zhao has agreed to a $4.3 billion (roughly Rs. 35,828 crore) settlement deal in a Seattle court including a personal payout of $50 million (roughly Rs. 416 crore) to close the matter.

In the aftermath of the Zhao debacle, most cryptocurrencies stepped into the trading rink today reeling under losses.

Binance's own native BNB token plunged by 11 percent within hours of Zhao pleading guilty to have violated US's anti money laundering policies.


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Further reading: Binance
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More
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