Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SLOT
  • CASINO
  • SPORTSBET
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SLOT
  • CASINO
  • SPORTSBET
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»Binance must pay $4.3 billion in federal lawsuit as CZ awaits sentencing
ETHEREUM NEWS

Binance must pay $4.3 billion in federal lawsuit as CZ awaits sentencing

By Crypto FlexsFebruary 24, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Binance must pay .3 billion in federal lawsuit as CZ awaits sentencing
Share
Facebook Twitter LinkedIn Pinterest Email

A federal judge has accepted a guilty plea from cryptocurrency exchange Binance, along with $4.3 billion in fines and fines, to resolve the case. This is the largest assessment in the history of federal financial prosecutions.

Federal Judge Richard Jones said late Friday he had approved the deal, which includes a $1.8 million criminal fine and $2.5 million forfeiture as financial penalties for failing to conduct the required due diligence in providing services. Reuters report.

“Binance failed to implement an effective AML program, allowing illegal actors to exploit Binance’s exchanges in a variety of ways, including by operating hybrid services that obfuscate the origin and ownership of cryptocurrencies,” U.S. Department of Justice prosecutors said in court documents. It was revealed. “Trading of illegal proceeds from ransomware variants; This includes moving proceeds from darknet market transactions, hacking exchanges, and various Internet-related frauds.”

Prosecutors said the $4.3 billion fine was the largest ever imposed on a financial services business in the history of the U.S. Department of Justice, which they said was “proportionate to the severity of Binance’s criminal conduct.”

“Binance committed serious crimes in a deliberate plan to grow as quickly as possible. “Significant penalties are warranted for such violations,” they explained. “The proposed penalty is appropriate and holds Binance accountable for its criminal actions and provides a needed deterrent to other criminal actors.”

The eye-popping figures were first mentioned last November during the company’s initial negotiations with federal prosecutors, but the final deal was finalized today by Judge Richard A. Jones of the U.S. District Court for the Western District of Washington in Seattle.

Even though the company’s claims have been resolved, it is still unclear what will become of its founder, Changpeng “CZ” Zhao.

Zhao’s sentencing on charges of violating U.S. Justice Department money laundering sanctions on $175 million in bond has now been postponed until April 30. While awaiting sentencing, Zhao is prohibited from engaging in the operation or management of any business, now or in the future: Binance.

Prosecutors now want Zhao to hand over his Canadian passport and provide at least three days’ notice before traveling, CNBC reported today.

According to court documents, Binance pleaded guilty and agreed to pay a hefty fine, while also agreeing to cooperate with the government, strengthen its compliance program, and adopt independent compliance monitors.

Binance has been trying to stay out of legal trouble. Last December, the U.S. District Court for the Northern District of Illinois approved a $2.7 billion settlement between Binance and the U.S. Commodity Futures Trading Commission (CFTC), with Zhao personally receiving $150 million after being indicted on charges of violating the Commodity Exchange Act. had to pay. Other CFTC regulations.

Edited by Ryan Ozawa.

Stay up to date with cryptocurrency news and receive daily updates in your inbox.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

BitDigital becomes the first public Etherrium for distributing unsecured leverage -details -Details

October 6, 2025

Ethereum Future is an execution of stablecoins and tokenized assets -then you need to know:

October 2, 2025

Ether Lee’s fusaka upgrade promises 60 million gas limit boosts.

September 28, 2025
Add A Comment

Comments are closed.

Recent Posts

Eightco Holdings Inc. ($ORBS) Digital Asset Treasury Launches “Chairman’s Message” Video Series

October 7, 2025

Zeta Network Group Enters Strategic Partnership With SOLV Foundation To Advance Bitcoin-Centric Finance

October 7, 2025

Saylor tells MRBAST to buy Bitcoin even after pause the BTC purchase.

October 7, 2025

Bitcoin Steadies at Rally -Is another powerful brake out just in the future?

October 6, 2025

BitMine Immersion (BMNR) Announces ETH Holdings Exceeding 2.83 Million Tokens And Total Crypto And Cash Holdings Of $13.4 Billion

October 6, 2025

BC.GAME News Backs Deccan Gladiators As Title Sponsor In 2025 Abu Dhabi T10 League

October 6, 2025

Unity modifies mobile games and password wallets that threaten important vulnerability.

October 6, 2025

BitDigital becomes the first public Etherrium for distributing unsecured leverage -details -Details

October 6, 2025

Cango Inc. Announces September 2025 Bitcoin Production And Mining Operations Update

October 6, 2025

Cake Eyes 60% Rally Pancake WAP

October 5, 2025

Bitcoin Pullback — ETFs Drive Capital Flows, Altcoins Like SOL And XRP Boost Investor Returns

October 5, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Eightco Holdings Inc. ($ORBS) Digital Asset Treasury Launches “Chairman’s Message” Video Series

October 7, 2025

Zeta Network Group Enters Strategic Partnership With SOLV Foundation To Advance Bitcoin-Centric Finance

October 7, 2025

Saylor tells MRBAST to buy Bitcoin even after pause the BTC purchase.

October 7, 2025
Most Popular

Hong Kong financial company VSFG aims to apply for a spot Ethereum ETF in the second quarter.

February 2, 2024

Vottun brings tokenization to Web3 development. Launch of our flagship low-code platform for builders

January 17, 2025

Kraken requests dismissal of SEC lawsuit citing excessive concerns

February 23, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.