Binance, a cryptocurrency exchange, admitted in November last year to violating anti-money laundering and sanction laws and agreed to pay a $4.3 billion fine. According to Bloomberg, in a memorandum submitted to a federal court in Seattle on Friday (16th), US prosecutors urged a federal judge to approve the plea agreement. The prosecutors wrote, “In short, given the nature and severity of Binance’s misconduct – which was deliberate and led by senior executives, involving billions of dollars in consequences – the proposed penalties in the plea agreement are appropriate.” The plea agreement also calls for five years of supervision for the company. Prosecutors stated that Binance refused to register as a so-called money service business, which is the business of transmitting or converting money, and failed to implement an effective anti-money laundering program, making “Binance, its customers, and the US financial system vulnerable to those seeking to exploit our system for their own gain.” It is reported that Binance has admitted to allowing transactions on its platform involving Hamas and other terrorist organizations, and former CEO Zhao Changpeng (CZ) has admitted to money laundering and is expected to be sentenced in April this year. He faces a maximum of 10 years in prison, but according to the plea agreement, his sentence is not expected to exceed 18 months. Source: Related reports: “Binance CEO Zhao Changpeng admits guilt and steps down: may face 18 months imprisonment, issues public letter to bid farewell” “Binance officially enters the ‘post-CZ era’! Why is this criminal investigation seen as a positive fundamental?” “Former Binance CEO Zhao Changpeng proposed using Binance.US shares as collateral to return to the UAE”
