Binance’s $4.3 Billion Guilty Plea Deal Approved By US Judge

(CTN News) – A judge has accepted a plea agreement in which Binance Holdings Ltd., the world’s largest cryptocurrency exchange, will pay $4.3 billion as part of one of the highest criminal penalties in the history of the United States.

Judge Richard Jones stated during a sentencing hearing in Seattle on Friday, “This is a case in which greed compromised the ethics of the company.”

Toward the end of the previous year, Binance and its founder, Changpeng Zhao, entered a guilty plea to anti-money laundering and sanctions charges, ending a lengthy investigation by federal and state authorities. Despite its admission, Binance allowed transactions with terrorist organizations such as Hamas on its exchange.

It is stipulated in the agreement that an impartial business will monitor the company’s compliance for a period of five years. As of yet, the monitor has not been assigned.

According to prosecutors, Binance opens the financial system to “those who wish to exploit the system for personal gain,” and they requested that the judge approve the agreement.

Considering the extent and gravity of Binance’s wrongdoing, prosecutors stated, “In summary, it was deliberate and directed by senior executives, with collateral consequences of hundreds of millions of dollars.”.

According to Josh Eaton, deputy general counsel for Binance,

The company “accepts full responsibility for its past and for the reasons that we are here today.” Eaton continued, “We are also proud of the compliance enhancements that have been made over the past few years.”

The defendant made calculated decisions to ignore US laws despite knowing that Binance was governed by US law, according to Jones. The sentencing aims to prevent Binance and similar businesses from engaging in similar behavior in the future, as well as protecting clients.

It is possible that Zhao would have received a 10-year sentence, but his sentencing has been postponed until April. In the current situation, he is likely to serve a maximum of 18 months in prison.

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