Judge Approves Binance’s $4.3 Billion Settlement For Anti-Money Laundering, Sanctions Violations (2024)

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Judge Approves Binance’s $4.3 Billion Settlement For Anti-Money Laundering, Sanctions Violations (2024)

FAQs

Did Binance say it accepts responsibility for past actions as judge approves plea deal? ›

A federal judge approved a plea deal by Binance on Friday, requiring the beleaguered cryptocurrency exchange to pay more than $4.3 billion in fines and restitution, after the company and its founder Changpeng Zhao pleaded guilty late last year to breaking anti-money laundering laws and violating sanctions.

Read On ›

Who is the owner of Binance money laundering? ›

Changpeng Zhao, the founder of the world's leading cryptocurrency exchange, was sentenced on Tuesday to four months in prison after pleading guilty last year to charges that he failed to maintain an effective anti-money laundering program.

Discover More Details ›

Why did Binance CEO go to jail? ›

SEATTLE, April 30 (Reuters) - Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world's largest cryptocurrency exchange.

What happened in the Binance scandal? ›

According to U.S. Attorney General Merrick Garland, Binance broke American law and made it simple for thieves to transfer money that had been pilfered or illegally obtained. According to the indictment, Binance violated sanctions by facilitating more than 1.1 million transactions between Americans and Iranians.

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Was the CEO of Binance found guilty? ›

Changpeng Zhao, the former head of the world's largest cryptocurrency trading company, was sentenced to four months in jail on Tuesday in a Seattle courtroom. Zhao pleaded guilty late last year to money-laundering violations and stepped down as CEO of Binance. The company itself was fined $4.3bn.

Find Out More ›

How do I claim against Binance? ›

Prepare the lawsuit using the proper form, this is usually available for download on your local small claims court website. The court will want to know why you are suing Binance, how much are you suing Binance for, and finally how you calculated the amount you are suing Binance for.

Tell Me More ›

Who is the richest person in Binance? ›

Zhao is the founder of Binance, the world's largest cryptocurrency-exchange by volume. The company offers markets in more than 360 cryptocurrencies and has said it has over 150 million users. Zhao was sentenced to four months jail in April 2024 after pleading guilty to anti-money laundering violations.

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Why did CZ only get 4 months? ›

The government was in a weak position as it sought to impose an above-guidelines sentence because Zhao had pled guilty only to failing to set up an adequate anti-money-laundering program at Binance, rather than to money laundering itself or other more serious crimes.

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Is it legal to use Binance? ›

With this new registration, Binance can now fully operate in India. Indian users have full access to Binance's services, including its website and app. Binance's CEO, Richard Teng, said that this move shows Binance's dedication to growing responsibly in India while making sure it follows all local regulations.

Why is Binance banned in the US? ›

On November 21, 2023, a US judge convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations.

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Is Binance in legal trouble? ›

In June last year, the regulator filed 13 charges against Binance entities and Zhao, accusing them of making billions of dollars while “placing investors' assets at significant risk”. At the time, Binance said it was “disappointed” by the charges but it means the company still faces legal issues.

Read The Full Story ›

Can I get my money back if I got scammed from Binance? ›

If you believe you have been scammed on Binance, you should contact their customer support team immediately and provide them with as much information as possible about the scam. They may be able to investigate the situation and potentially refund your funds if they determine that you were indeed scammed.

See Details ›

What is the trial judges responsibility to determine before approving a plea bargain? ›

They will consider the nature of the charges and the defendant's criminal history, if any, as well as the circ*mstances surrounding the case. Other factors that a judge may consider include the interests of the public, such as whether the proposed sentence would keep the community safe.

Get More Info Here ›

What is the legal action against Binance? ›

Binance and exchanges including Kraken are being sued at London's Competition Appeal Tribunal (CAT) in a case brought on behalf of over 200,000 BSV owners. Lawyers representing BSV Claims, a vehicle set up to pursue the case, say the exchanges engaged in anti-competitive behaviour to delist BSV in 2019.

Which case endorsed the process of plea bargaining and clarified attorneys responsibilities? ›

Frye and Lafler v. Cooper, in which the Supreme Court clarified the remedy available to defendants granted habeas relief because of counsel ineffectiveness during plea bargaining.

How much did the US government fine Binance? ›

In November, Binance agreed to pay a $4.3 billion settlement to the U.S. government, including a forfeiture of $2.5 billion and a fine of $1.8 billion. Former Binance CEO Changpeng Zhao was charged with violating the Bank Secrecy Act and agreed to step down.

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