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Binance reaches $4.3 billion settlement with US government, CZ to resign as CEO

The company pleaded guilty to engaging in anti-money laundering, unlicensed money transmitting, and sanctions violation.

The US government and Binance on November 21 reached a settlement concluding the years-long Justice Department investigation into the crypto exchange for violating several laws. As per the settlement, Binance will pay a fine of $4.3 billion, founder and CEO Changpeng "CZ" Zhao will resign from the company, and Binance will have to appoint an independent compliance monitor for three years. The company pleaded guilty to engaging in anti-money laundering, unlicensed money transmitting, and sanctions violation. Zhao pleaded guilty to failing to maintain an effective anti-money laundering (AML) program. The Binance settlement comes a few weeks after FTX founder Sam Bankman-Fried was convicted of fraud and conspiracy charges tied to his now-bankrupt crypto exchange. "Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed – now it is paying one of the largest corporate penalties in U.S. history. In just the past month, the Justice Department has successfully prosecuted the CEOs of two of the world’s largest cryptocurrency exchanges in two separate criminal cases. The message here should be clear: using new technology to break the law does not make you a disruptor, it makes you a criminal." — US Attorney General Merrick B. Garland Binance was under investigation for violations of the Bank Secrecy Act (BSA), the International Emergency Economic Powers Act (IEEPA), and for failure to register as a money-transmitting business with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). "As a result of serving U.S. customers, Binance was required to register…

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