Binance, the world’s largest crypto exchange, has seen its native crypto, BNB coin breaking the $400 mark for the first time since May 2022, surging by over 3%.
This comes despite facing legal issues in the US. Trying to solve the issue, the exchange agreed to a $4.3 billion plea deal. This hefty sum was paid to address charges related to anti-money laundering and sanctions violations.
In addition, Binance‘s legal issues stem from admissions of facilitating transactions for “terrorist groups” like “Hamas”, underscoring the gravity of their compliance lapses.
Furthermore, the plea deal mandates the appointment of an independent compliance monitor for up to five years. This is rumored to be awarded to Sullivan & Cromwell, a New York-based law firm.
The resolution of these legal challenges marks a pivotal moment for Binance exchange, as prosecutors pointed to the vulnerability it introduced into the financial system and exploited it for profit.
On the other side, Binance founder Changpeng Zhao, faces a potential 18-month prison sentence despite he has stepped down as CEO and agreed to a $50 million fine. Despite all this, Binance’s market performance remains resilient.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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