WASHINGTON, D.C.: Binance Holdings Ltd., the world’s biggest cryptocurrency exchange, is to pay $4.3 billion for violations of anti-money laundering and sanctions laws in a settlement approved by a US judge on Friday.
US District Judge Richard Jones in Washington state approved a plea agreement between Binance and federal prosecutors which calls for the company to pay a fine of $1.8 billion and forfeiture of $2.5 billion.
“Binance profited from the US financial system without playing by its rules and, as a result, criminals used the exchange to move hundreds of millions of dollars of stolen funds and illicit proceeds,” the government said in its sentencing memorandum
As part of a settlement reached in November, Binance Chief Executive Zhao Changpeng pleaded guilty to violating US anti-money laundering laws and agreed to step down from his position.
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