Rajeev Chandrasekhar Reacts To Binance CEO Admitting To Money Laundering

Binance CEO Changpeng Zhao has stepped down and admitted guilt in violating US anti-money laundering laws as part of a historic $4.3 billion settlement, according to statements from prosecutors on Tuesday. In response, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar expressed concerns about the misuse of new technology for illegal purposes, citing the recent developments around Binance and FTX on X (formerly Twitter).

Chandrasekhar quoted US Attorney General Merrick Garland, who referred to the Binance settlement as one of the largest corporate penalties in US history.

The minister praised the Narendra Modi government's handling of crypto speculations, stating that the central approach "saved countless Indians from crypto meltdown and losses."