4.3 Billion Binance Plea Deal Confirmed by a Prosecutor

Crypto News – The $4.3 billion plea agreement between cryptocurrency exchange Binance and the US Department of Justice has been approved by a federal judge.

4.3 Billion Binance Plea Deal Confirmed by a Prosecutor

Judge Richard Jones of the U.S. District Court for the Western District of Washington accepted the top-line fine during a sentencing hearing on Friday; however, he did not yet approve any monitor for the exchange. Prosecutors stated that the deal reflects the nature and circumstances of Binance’s alleged behavior in a sentencing memo they had written prior to the hearing.

Exchange Accepts Responsibility, According to A Binance Representative

The settlement was disclosed by the DOJ in November of last year. The DOJ claimed that Binance had broken anti-money-laundering rules and sanctions for a number of years. The exchange agreed to pay $4.3 billion as part of the settlement, designate an impartial compliance monitor, and have founder Changpeng Zhao, who served as CEO at the time, resign. Zhao entered a guilty plea to various offenses, and a late April sentencing date is already set.

A representative for Binance said in a statement that the exchange was taking accountability through the plea agreement and that it has recently strengthened its compliance with anti-money laundering and know-your-customer laws.

We are gratified by the recognition we have received from regulators regarding our cooperation and significantly enhanced compliance. We look forward in the coming months to continuing to build on our efforts to set the industry standard for compliance, security, and transparency.

the statement