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Crypto giant Binance to pay $4.3 bn penalty after breaching US laws

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Feb 2024 05:43
2 Min Read

A US judge in Washington state approves 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.

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  • Binance
    Binance logo is displayed on a mobile phone screen photographed for illustration photo, Krakow, Poland on May 12, 2021. (Photo by Beata Zawrzel/NurPhoto)

Binance Holdings Ltd, the world's biggest cryptocurrency exchange, is to pay $4.3 billion for violating 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.

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It said the penalty was the largest ever imposed against a money services business and was "commensurate with the severity of Binance's criminal conduct."

As part of a settlement reached in November, Binance chief executive Changpeng Zhao pleaded guilty to violating US anti-money laundering laws and agreed to step down from his position.

Binance runs crypto exchanges and provides other services around the world, but it has taken a severe hit since crypto markets collapsed and regulators began probing the legality of its business.

The volatile industry surged in 2021 with a range of complex products and celebrity endorsements propelling it to a valuation in excess of $3 trillion in 2022.

But a series of scandals including the collapse of the FTX exchange and criminal charges for its executives saw public confidence evaporate and investors pull their money out.

  • United States
  • Binance
  • US
  • Cryptocurrency

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