Binance, the world's biggest cryptocurrency exchange, is set to pay $4.3 billion for violations of anti-money laundering and sanctions laws through lapses in internal controls in a settlement approved by a US judge on Friday.
$1.81 Billion Criminal Fine of Binance
According to Reuters, Binance's guilty plea, approved by US District Judge Richard Jones in Seattle, includes a $1.81 billion criminal fine and $2.51 billion of forfeiture, resolving a years-long investigation into the company's failure to report over 100,000 suspicious transactions linked to designated terrorist groups like al Qaeda, Hamas, and ISIS.
In a statement released on Friday, Binance acknowledged responsibility and outlined efforts to bolster its anti-money laundering and "know-your-customer" mechanisms. It also said the company made "significant progress" toward changes outlined in its plea agreement.
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Proposed Changes to Bond of Binance Founder Changpeng Zhao
The government has proposed changes to the bond of Binance founder Changpeng Zhao, who had been released on a $175 million bond since pleading guilty in November to money laundering violations.
The prosecutors noted the proposed bond modifications were meant to reflect the judge's orders that Zhao would remain in the continental United States under court supervision until his sentencing on April 30.
Zhao must also provide three days' notice on any travel plans, surrender his passports, remain at his current residence unless a change is approved. Pretrial services officers also recommended that Zhao be subjected to location monitoring.
Although they have discussed the proposed bond changes with Zhao's legal team several times, the prosecutors said the lawyers "object to this motion as written."
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