Categories: News

Binance Fine For US Goverment Is $4.3 Billion

Key Points:

Binance CEO Changpeng Zhao to plead guilty in a $4.3 billion settlement, including civil charges.
The Binance fine for US government covers civil charges brought by regulators.
DOJ press conference to reveal major cryptocurrency enforcement actions linked to Binance’s investigation.

Changpeng Zhao, the CEO of Binance, is set to appear in a Seattle federal court on Tuesday, where he will enter a plea as part of a deal.

Binance Fine For US Goverment Is $4.3 Billion 2

Binance Fine For US Government To Reach Agreement To Continue Operations

According to the Wall Street Journal, Binance, under Zhao’s ownership, is also expected to plead guilty to a criminal charge and agree to pay fines amounting to $4.3 billion. The Binance fine for US government includes settlements for civil charges brought by regulators. The resolution, which will be officially announced in a press conference at 3 p.m. EST today, involves a substantial penalty for Binance, although the exact amount remains unspecified.

The Binance fine for US government comes as part of an ongoing case with the US government and the Justice Department, seeking a $4 billion settlement from the cryptocurrency exchange, as reported yesterday.

Changpeng Zhao Steps Down Amidst Regulatory Resolutions

Coincu reported that Zhao intends to step down as CEO in connection with this deal, admitting guilt for violating U.S. anti-money-laundering requirements. The agreement aims to secure the company’s ability to continue operations.

The Department of Justice (DOJ) has been conducting a prolonged investigation into Binance, with allegations ranging from allowing individuals from sanctioned countries to operate on its platform to various other issues. The DOJ has filed lawsuits against Binance with both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

The DOJ’s press conference today, featuring Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and CFTC Chairman Rostin Behnam, is expected to shed light on these significant cryptocurrency enforcement actions tied to the Binance investigation.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.