Binance will pay $4.3 billion in money laundering case – Kommersant

Binance will pay $4.3 billion in money laundering case – Kommersant


Western District Court Judge Richard Jones approved an agreement reached by the prosecutor’s office and the Binance cryptocurrency exchange. Under this agreement, Binance agrees to plead guilty to its involvement in money laundering and violations related to circumvention of US government sanctions. Binance will pay a fine of $4.3 billion. The company will also be under special supervision by the law firm Sullivan & Cromwell for five years.

Prosecutors accused Binance of involvement in money laundering, bank fraud, and helping Russia and Hamas (recognized as a terrorist organization in the United States) to circumvent American sanctions. Similar accusations were brought against the founder and CEO of the exchange, Changpeng Zhao. Binance admitted pleaded guilty and agreed to pay about $4 billion back in November. Soon after, Mr. Zhao announced about leaving his post.

“Binance generated revenue within the US financial system and did not play by its rules, resulting in criminals using the exchange to transfer millions of dollars of stolen funds and illegal proceeds,” the court decision states. It is reported to be the largest fine ever imposed on a payment services business.

Yana Rozhdestvenskaya


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