Read More: US Is Seeking More than $4 Billion From Binance to End CaseĪs part of his plea deal with the government, Zhao, who has a net worth of $23 billion according to Bloomberg’s Billionaires Index, has stepped down as Binance CEO and can’t be involved in managing the company for three years. Garland and Yellen held a press conference Tuesday to announce details of the deal. Bloomberg News reported the settlement on Monday. The settlement negotiated between the two sides will resolve all allegations of criminal wrongdoing. “Its willful failures allowed money to flow to terrorists, cybercriminals and child abusers through its platform.” “Binance turned a blind eye to its legal obligations in the pursuit of profit,” Treasury Secretary Janet Yellen said in a press release. The token had hit a five-month high earlier in the day on the news that the DOJ would soon confirm its settlement with the exchange. New CEOīNB, a cryptocurrency tied to the Binance ecosystem, slipped about 5.2% following the news. It includes $3.4 billion to the Treasury Department’s Financial Crimes Enforcement Network and $968 million to its Office of Foreign Assets Control over Bank Secrecy Act and sanctions violations. Money from the fine will be split among DOJ, CFTC and other agencies. history,” Attorney General Merrick Garland said in a press release. “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed - now it’s paying one of the largest corporate penalties in U.S. 7.īinance also allowed at least 1.1 million transactions, worth more than $898 million, on its platform between customers in US and Iran, according to the court filing. The announcement comes as Israel and Hamas have been embroiled in a war that began Oct. The deal, which includes the Justice Department, Treasury Department and the Commodity Futures Trading Commission, ends a years-long investigation into the exchange.īinance’s violations included failure to prevent and report suspicious transactions with terrorists, including Hamas’ Al-Qassam Brigades, Palestinian Islamic Jihad, Al Qaeda, and the Islamic State of Iraq and Syria, according to the Treasury Department. Zhao pleaded guilty Tuesday to violating the Bank Secrecy Act in federal court in Seattle. Zhao will pay a $50 million fine under a deal that requires him to step down as CEO. and its Chief Executive Officer Changpeng Zhao pleaded guilty to anti-money laundering and US sanctions violations under a sweeping settlement with the US that allows the cryptocurrency exchange to continue operating.īinance will pay $4.3 billion in one of the largest corporate agreements in US history.
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