Yesterday the Department of Justice announced a settlement with the world’s largest crypto exchange Binance Holdings in turn for a payment of $4.3 billion. Binance CEO Changpeng Zhao (CZ) has stepped down and pled guilty to anti-money laundering (AML) and Bank Secrecy Act violations.
While Zhao has a plea agreement for a $50 million fine, it is up to a federal judge to decide whether to accept that. Hence he’s been released on bond until sentencing in February. The charge carries a sentence of up to ten years. The $50 million will be set off against the $150 million CZ has to pay to the CFTC as part of its settlement.
“Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed – now it is paying one of the largest corporate penalties in U.S. history,” said Attorney General Merrick B. Garland.
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