US Court Approves Binance’s $4.3 Billion Settlement with Justice Department

A federal court in the Western District of Washington has approved a $4.3 billion payment by cryptocurrency exchange Binance to the US Department of Justice as part of a plea agreement. This was reported by Bloomberg.

According to the signed memorandum, the platform has agreed to implement significant measures to ensure ongoing compliance with US laws. The judge noted that the sentence aims to prevent similar conduct by Binance and other crypto companies in the future, as well as to protect customers.

However, the court has yet to decide on an independent monitor who will be appointed to oversee the exchange’s compliance over the next five years.

In November 2023, Binance admitted to violating sanctions and anti-money laundering laws, agreeing to pay $4.3 billion.

The platform’s founder, Changpeng Zhao, also pleaded guilty to violating the Bank Secrecy Act and agreed to step down as CEO. His fine amounted to $50 million. Additionally, the former head of the exchange posted a $175 million bond to remain free until sentencing.

Zhao’s case is set for hearing in April, and he faces up to 18 months in prison.