Binance chief Zhao Changpeng has stepped down and pleaded guilty to breaking US antimoney laundering laws as part of a US$4.3 billion (S$5.8 billion) settlement resolving a years-long probe into the world's largest crypto exchange, prosecutors said on Nov 21.
The deal, which will see Zhao personally pay US$50 million, was described by prosecutors as one of the largest corporate penalties in United States history. It is another blow to the crypto industry, which has been beset by investigations, and comes on the heels of the recent fraud conviction of FTX founder Sam Bankman-Fried.
"By failing to comply with US law, Binance made it easy for criminals to move their stolen funds and illicit proceeds on its exchanges," US Attorney-General Merrick Garland said on Nov 21. "Binance also did more than just fail to comply with federal law. It pretended to comply." Some of the charges, which are both criminal and civil, relate to practices that Reuters reported first in a series of articles in 2022.
The deal with the Department of Justice (DOJ) is part of a larger settlement between the exchange and other US agencies, including the Commodity Futures Trading Commission (CFTC) and the Treasury Department, the agencies said.
The agreement will resolve criminal charges that Binance conducted an unlicensed money transmitter business, undertook conspiracy and breached sanctions regulations, the DOJ said.
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