Here are the details of Binance and Changpeng Zhao's plea deal
Changpeng Zhao is prohibited from operating or managing Binance for a period of three years as part of the deal....
- The Department of Justice (DOJ) made the plea agreements of Binance and CEO Changpeng Zhao public on Tuesday.
- The indictment, originally filed on Nov. 14, revealed that Binance was facing a fine of around $4 billion.
- The DOJ, Treasury Department, and CFTC will hold a press conference on "significant" crypto enforcement actions.
- Changpeng Zhao has agreed to step down as chief executive and is prohibited from operating or managing Binance for three years.
- Zhao will plead guilty to violating the Bank Secrecy Act and pay a fine of $50 million.
- Binance agreed to plead guilty to operating as an unlicensed money transmitting business and violating sanctions laws.
- Binance will cooperate with the government and enact a compliance program suitable under US laws.
- Binance will pay a criminal fine of $1.8 billion and forfeit $2.5 billion to the government.
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The sentiment of the article is negative, as it discusses the plea agreements and fines faced by Binance and Changpeng Zhao.
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