Binance’s $4.3 Billion Payment in US Plea Deal Approved by Judge

By Sabrina Willmer and Anna Edgerton. (Bloomberg). February 23, 2024.

Binance Holdings Ltd. will pay $4.3 billion after a judge approved a plea deal that levies one of the largest criminal penalties in US history against the world’s biggest cryptocurrency exchange.

“This really is a case where the ethics of the company were compromised by greed,” US District Judge Richard Jones said at a sentencing hearing in Seattle on Friday.

Late last year, Binance and its founder, Changpeng Zhao, pleaded guilty to anti-money
laundering and sanctions charges to resolve a long-running investigation by prosecutors
and regulators. Binance admitted that it allowed transactions with Hamas and other
terrorist groups on the exchange.

As part of the deal, the company’s compliance must be monitored by an independent firm
for as long as five years. The monitor hasn’t yet been apppointed. Bloomberg reported
earlier that New York-based law firm Sullivan & Cromwell was poised to take the coveted
role.

Read more here: Bloomberg

Since Chairman Patrick McHenry threatened to SUBPOENA Gary Gensler for NON-COMPLIANCE with Congressional oversight.

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