News
Breaking: Binance In Fresh Trouble …Ordered To Pay $4.3B For violations Of Anti-Money Laundering….
The world’s biggest cryptocurrency exchange, Binance Holdings Ltd (BHL) has been ordered to pay $4.3 billion for violations of anti-money laundering and sanctions laws in a settlement approved by a United States judge.
On Friday, February 23, US District Judge Richard Jones in Washington state approved a plea agreement between Binance and federal prosecutors, which called for the company to pay a fine of $1.8 billion and forfeiture of $2.5 billion.
“Binance profited from the US financial system without playing by its rules and, as a result, criminals used the exchange to move hundreds of millions of dollars of stolen funds and illicit proceeds,” the government said in its sentencing memorandum.
It also stated that the penalty was the largest ever imposed against a money services business and was “commensurate with the severity of Binance’s criminal conduct.”
As part of a settlement reached in November, Binance chief executive Changpeng Zhao pleaded guilty to violating US anti-money laundering laws and agreed to step down from his position.
Binance was created in 2017 and took over the crypto-trading market, turning Zhao into a billionaire.
Binance operates crypto exchanges and provides other services around the world, but it has taken a severe hit since crypto markets collapsed and regulators began probing the legality of its business.
- News14 hours ago
Breaking: Tinubu Makes Fresh Appointment
- News12 hours ago
#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls
- Top Stories15 hours ago
Hardship: We’ll No Longer Watch Anyone Insult Tinubu – Doyin Okupe Vows
- Top Stories14 hours ago
#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election
- Top Stories6 hours ago
Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos
- Top Stories8 hours ago
Breaking: House Of Reps Finance Committee Visits FIRS
- Politics14 hours ago
‘He’s With Us’, EFCC Confirms Ex-Gov Okowa’s Arrest Over N1.3trn Diversion
- Entertainment14 hours ago
Prince Harry and Meghan Markle pursue separate projects