Binance Hit with $4.3 Billion Fine for US Anti-Money Laundering Violations”
In a groundbreaking ruling, Binance Holdings Ltd (BHL), the world’s largest cryptocurrency exchange, has been ordered to pay a staggering $4.3 billion for violating US anti-money laundering and sanctions laws. US District Judge Richard Jones in Washington state approved the plea agreement between Binance and federal prosecutors, imposing a fine of $1.8 billion and mandating the forfeiture of an additional $2.5 billion.
The government accused Binance of exploiting the US financial system without adhering to its regulatory framework, facilitating the laundering of hundreds of millions of dollars in stolen funds and illicit proceeds. Described as the largest penalty ever imposed on a money services business, the fine reflects the severity of Binance’s criminal behavior.
As part of the settlement reached in November, Binance’s chief executive, Changpeng Zhao, pleaded guilty to violating US anti-money laundering laws and agreed to step down from his role. Binance, founded in 2017, swiftly ascended to dominance in the crypto-trading sphere, catapulting Zhao to billionaire status. However, the exchange has faced significant challenges amidst market downturns and regulatory scrutiny surrounding its operations.
