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A federal judge has accepted Binance crypto exchange’s guilty plea and ordered it to pay the largest fine in history, $4.3 billion. Last Friday, Federal Judge Richard Jones approved the settlement. The settlement includes a $1.8 million criminal fine and a loss of $2.5 million in assets.
Prosecutors from the U.S. Justice Department stated that Binance allowed the exchange to be used to conceal the source and ownership of cryptocurrencies due to not implementing an effective AML program. They stated that the $4.3 billion penalty is the largest penalty ever imposed on a money services business in the history of the U.S. Justice Department.
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The future of Binance’s founder Changpeng “C.Z.” Zhao remains uncertain. Zhao’s conviction was postponed until April 30 and any involvement in Binance was banned. Prosecutors also want Zhao to surrender his Canadian passport and provide at least three days’ notice before he travels.
Binance is making payments to rid itself of legal troubles. In December, the U.S. District Court for the Northern District of Illinois approved a $2.7 billion settlement from Binance and required Zhao to personally pay $150 million.
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