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Binance Holdings Ltd. has been ordered to pay $4.3 billion for a plea deal approved by District Judge Richard Jones, marking one of the heftiest criminal penalties in U.S. history.<\/p>\n
The settlement follows Binance, the world\u2019s largest crypto exchange, and its founder, Changpeng Zhao, pleading guilty<\/a> to charges of anti-money laundering and sanctions violations, including transactions with Hamas and other terrorist groups.<\/p>\n The agreement<\/a>, announced in Seattle, also mandates up to five years of compliance monitoring by an independent firm, yet to be appointed, potentially by New York-based law firm Sullivan & Cromwell.<\/p>\n \u201cThis really is a case where the ethics of the company were compromised by greed,\u201d Judge Jones said, emphasizing the deliberate misconduct led by senior executives.<\/p>\n With \u201chundreds of millions of dollars of collateral consequences,\u201d prosecutors highlighted the role of Binance<\/a> in leaving the financial system susceptible to exploitation.<\/p>\n \u201cWe\u2019re also proud of the compliance enhancements\u201d that have been implemented over the past several years, expressed Josh Eaton, Binance\u2019s deputy general counsel, to the judge. He emphasized that the company accepts full responsibility for its past and why the company is where it is.<\/p>\n Judge Jones pointed out Binance\u2019s calculated decisions to disregard U.S. laws despite being aware of their applicability, underlining the sentence\u2019s aim to deter similar future conduct by Binance and other entities and protect customers.<\/p>\n Zhao<\/a> is set for sentencing<\/a> in April, facing no more than 18 months in prison as per the plea agreement, which also required him to step down as CEO of Binance and pay a $50 million fine.<\/p>\n