Last year, cryptocurrency exchange Binance admitted to breaking sanctions and anti-money laundering laws. U.S. District Judge Richard Jones recently approved the hefty $4.3 billion settlement they agreed to pay the Department of Justice (DOJ).
While the judge approved the fine amount, a decision on assigning an independent compliance monitor to Binance is still pending. The news was first reported by Bloomberg.
The DOJ accused Binance of violating these laws for several years. The settlement requires the exchange to pay the $4.3 billion, appoint a compliance monitor, and have its then-CEO, Changpeng Zhao, resign. Zhao also faces separate charges and will be sentenced in April.
Binance acknowledged its wrongdoing in a statement, highlighting recent improvements they’ve made in customer identification and anti-money laundering controls. They expressed satisfaction with being recognized for their cooperation and compliance efforts, and pledged to continue raising the bar in the industry.
The DOJ declined to comment further. In a pre-hearing document, prosecutors stated that the settlement reflects the severity of Binance’s alleged behavior. They emphasize that the penalty serves as a deterrent, both for Binance to ensure future compliance and for other institutions considering breaking the law under the guise of innovation.
