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Binance and CEO Plead Guilty, Agree to Pay Billions in Fines
Posted
November 21, 2023
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November 21, 2023
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1:00Now PlayingBinance Holdings Ltd. and its Chief Executive Officer Changpeng Zhao pleaded guilty to criminal charges for anti-money laundering and US sanctions violations, including allowing transactions with Hamas and other terrorist groups, under a sweeping deal with the Justice department designed to keep the company operating.
Binance agreed to plead guilty to criminal charges and pay over $4 billion in penalties. Zhao, who agreed to step down and pay a $50 million fine as part of the settlement, appeared in court in Seattle Tuesday to plead guilty. The deal, which includes the Treasury Department and the Commodity Futures Trading Commission, ends a years-long investigation into the cryptocurrency exchange.
In a document unsealed on Tuesday, Binance was charged with three counts, including money laundering violations, conspiracy to conduct an unlicensed money transmitting business, and US sanctions violations. Binance is paying a criminal fine of $1.8 billion and forfeiting $2.5 billion, according to court filings unsealed Tuesday.
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