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Binance exchange agrees to pay historic $4.3B in fines; founder CZ awaits April sentencing

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Binance has agreed to a $4.3 billion settlement in a federal case

Binance, the world’s largest crypto exchange, has agreed to a $4.3 billion settlement in a federal case, marking a historic high in financial enforcement actions.

The settlement with the U.S. Department of Justice (DOJ) includes a $1.8 million criminal fine and $2.5 million in forfeitures for negligence in due diligence.

In addition, the DOJ emphasized that punishment aims to hold Binance accountable and deter similar criminal activities.

Plus, the settlement’s confirmation came from Judge Richard A. Jones, with the spotlight now turning to Binance’s founder, Changpeng Zhao (CZ), whose sentencing for money laundering and sanctions violations is pending until April 30.

CZ, who is currently on a $175 million bond, faces restrictions on his business activities and travel. As part of the settlement, the exchange pledged to enhance its compliance mechanisms and work closely with the government.

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James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.