Yellen: Historic Binance settlement “sends message” to crypto industry

• 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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