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Home»BLOCKCHAIN NEWS»Binance reached $4.3 billion settlement in US plea deal settlement.
BLOCKCHAIN NEWS

Binance reached $4.3 billion settlement in US plea deal settlement.

By Crypto FlexsFebruary 23, 20242 Mins Read
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Binance reached .3 billion settlement in US plea deal settlement.
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Binance Holdings Ltd. was ordered to pay $4.3 billion for a plea deal approved by District Judge Richard Jones, one of the heaviest criminal penalties in U.S. history.

The agreement follows Binance, the world’s largest cryptocurrency exchange, and its founder Changpeng Zhao pleading guilty to anti-money laundering and sanctions violations, including dealings with Hamas and other terrorist groups.

The agreement announced in Seattle also mandates compliance monitoring for up to five years by an independent firm, which has not yet been appointed and would potentially be appointed by New York-based law firm Sullivan & Cromwell.

Judge Jones said, “This is truly a case where the company’s ethics were undermined by greed,” emphasizing the intentional misconduct led by senior executives.

Prosecutors highlighted Binance’s role in making the financial system vulnerable to abuse, with “hundreds of millions of dollars in collateral consequences.”

“We are also proud of the increased compliance we have implemented over the past few years,” Binance General Counsel Josh Eaton told the judge. He emphasized that the company takes full responsibility for its past and why it is where it is today.

Judge Jones pointed to Binance’s calculated decision to ignore US law despite being aware of its applicability, stating that the purpose of this ruling is to protect customers and deter similar future actions by Binance and other companies. emphasized.

Zhao is scheduled to be sentenced in April and faces up to 18 months in prison under a plea agreement that would have forced him to step down as CEO of Binance and pay a $50 million fine.

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