We acknowledge the significance of your online privacy and acknowledge that granting us permission to collect some personal information requires a great deal of trust. We seek this consent as it enables Distinct Post to offer a platform that amplifies the voices of the marginalized. By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Distinct PostDistinct Post
Aa
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Reading: Binance to pay $4.3 billion after US judge approved a plea deal
Share
Aa
Distinct PostDistinct Post
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Search
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Follow US
Distinct Post > Business > Market > Binance to pay $4.3 billion after US judge approved a plea deal
binance-to-pay-4-3-billion-after-us-judge-approved-a-plea-deal
MarketUnited States

Binance to pay $4.3 billion after US judge approved a plea deal

Henry Ortiz Published February 24, 2024
SHARE

Binance Holdings Ltd (BHL), the world’s biggest cryptocurrency exchange, is to pay $4.3 billion for violations of anti-money laundering and sanctions laws in a settlement approved by a US judge on Friday.

US District Judge Richard Jones in Washington state approved a plea agreement between Binance and federal prosecutors which calls for the company to pay a fine of $1.8 billion and forfeiture of $2.5 billion.

“Binance profited from the US financial system without playing by its rules and, as a result, criminals used the exchange to move hundreds of millions of dollars of stolen funds and illicit proceeds,” the government said in its sentencing memorandum.

It said the penalty was the largest ever imposed against a money services business and was “commensurate with the severity of Binance’s criminal conduct.”

As part of a settlement reached in November, Binance chief executive Changpeng Zhao pleaded guilty to violating US anti-money laundering laws and agreed to step down from his position.

Binance was created in 2017 and cornered much of the crypto-trading market, turning Zhao into a billionaire.

Binance runs crypto exchanges and provides other services around the world, but it has taken a severe hit since crypto markets collapsed, and regulators began probing the legality of its business.

While Binance was founded in China, Zhao moved its operations to other locations internationally after a crackdown on the crypto sector by Beijing.

The volatile industry surged in 2021 with a range of complex products and celebrity endorsements propelling it to a valuation of over $3 trillion in 2022.

But a series of scandals including the collapse of the FTX exchange and criminal charges for its executives saw public confidence evaporate and investors pull their money out.

You Might Also Like

Donald Trump Unveils $5 Million Trump Gold Card: Grants U.S. Residency and Exclusive Perks

Trump’s New Tariffs Ignite Backlash from US Business Leaders

Trump Hosts Iftar Dinner at White House, Thanks Muslim Americans for Their Support

US Health Agencies Set for Major Job Cuts and Restructuring

Major Data Breach Exposes Personal Information of Trump’s National Security Team

Henry Ortiz February 24, 2024 February 24, 2024
Popular News
Entertainment

Joe Jonas Enjoys Quality Time with Daughters Amid Divorce Battle with Sophie Turner

Claire Martin Claire Martin October 9, 2023
Prince Harry, Meghan Markle deny claims about blocking King Charles’ expensive gift for Archie
Taylor Swift references her hit song with UFO dress at VMAs 2024
Elton John Forced to Avoid Favorite Treats Due to Health Issues
Harry Styles and Taylor Russell Make Public Appearance After Stalker’s Charges

Categories

  • Market
  • Tech
  • Fitness
  • Food
  • Celebrity
  • Fashion
  • Beauty
  • Football
  • Cricket
  • Entertainment
    • Celebrity
    • Movies
    • Television
  • Style
    • Arts
    • Beauty
    • Fashion
  • Health
    • Fitness
    • Food
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Olympics
  • Business
    • Market
    • Tech
Useful Links
  • About us
  • Privacy policy
  • Term Of Use

2023 © Distinct Post News & Media. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?