US officials announce $4.3B settlement with Binance, plea deal with CZ
Binance CEO Changpeng Zhao, also known as CZ, is set to plead guilty to one felony charge as part of a $4.3 billion settlement with the United States Department of Justice. The case involves criminal and civil cases against the crypto exchange, with allegations that Binance's policies allowed criminals to move illegal funds through the exchange. As part of the settlement, Binance will face monitoring and reporting requirements and will have to file suspicious activity reports for past transactions. The crypto exchange will pay more than $3.4 billion in penalties to the Financial Crimes Enforcement Network, roughly $1 billion to the Treasury’s Office of Foreign Assets Control, and $2.7 billion in civil monetary penalties and disgorgement. After this, CZ stepped down as CEO. Binance still faces a pending civil case with the U.S. Securities and Exchange Commission for alleged securities law violations.
