Crypto Opinions & News Binance to pay $4.3 billion in fines; CEO CZ pleads guilty

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Ink

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Jan 8, 2011
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Tuesday marks the end of an era. Binance's Changpeng Zhao stepped down and pleaded guilty to violating U.S. anti-money laundering requirements, despite the fact that Binance was never a U.S. exchange. With that, the myth of “borderless” crypto companies is truly over.

To be sure, this is not the first time that U.S. law enforcement nailed a crypto exchange that was not officially in the country. The same thing happened with FTX. But no company exemplified the “borderless” myth more than Binance, which will also pay a $4.3 billion dollar fine to settle an investigation from the United States Department of Justice.

Binance founder and former CEO Changpeng "CZ" Zhao has been released from custody on a $175 million personal recognizance bond.
Zhao pleaded guilty to violating the Bank Secrecy Act in court earlier on Tuesday, after federal officials alleged he directed Binance to allow U.S. customers to use the platform without conducting proper know-your-customer or anti-money laundering checks.
 

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