Binance settles with US government: Timeline of enforcement actions
Cryptocurrency exchange Binance and its founder Changpeng "CZ" Zhao have acknowledged violating U.S. laws on money laundering and terror financing, agreeing to pay fines totaling $4.3 billion. This development concludes investigations by the U.S. Justice Department and other regulatory bodies in the U.S., including the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Allegations against Binance included unregistered securities sales, trading irregularities, market manipulation, and violations of sanctions against Russia. The legal proceedings led to a significant reduction in Binance's U.S. operations, a series of staff departures, and about a third of its workforce being laid off. Zhao's personal wealth also decreased, dropping from $96.9 billion to $17.3 billion.
