Yellen: Historic Binance settlement “sends message” to crypto industry
The Department of Justice formally announced a series of actions against Binance, including a whopping $4.3 billion in fines and forfeitures....
- Binance has agreed to pay $4.3 billion as part of a settlement with the Department of Justice (DOJ), one of the largest corporate penalties in US history.
- Attorney General Merrick Garland, Treasury Secretary Janet Yellen, CFTC chair Rostin Behnam, and Deputy Attorney General Lisa Monaco announced the actions against Binance in a joint press conference.
- Binance, under CEO Chengpang Zhao's leadership, knowingly violated the law and facilitated illicit financial activities.
- Binance's compliance team was aware of money laundering and illegal financial activities taking place on the exchange.
- Zhao has announced his departure from Binance.
- Binance pleaded guilty to anti-money laundering violations, conducting an unlicensed money transmitting business, and violating sanctions laws.
- The US government accused Binance and Zhao of violating anti-money laundering and sanctions laws.
- The Treasury Department will retain access to Binance's books, records, and systems for five years through a monitor.
- The $4.3 billion includes a criminal fine imposed by the DOJ and a $2.5 billion forfeiture.
- Binance has agreed to identify and report suspicious transactions to FinCEN as part of aiding law enforcement's investigations into illicit activity.
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How much is Binance paying as part of the settlement with the Department of Justice?Who announced the actions against Binance in a joint press conference?What violations did Binance plead guilty to?What will the Treasury Department have access to in relation to Binance?What is Binance required to do as part of aiding law enforcement's investigations into illicit activity?