Binance CEO CZ Admits Guilt, Agrees to $4.3B Fine in Federal Charges

Binance CEO Changpeng Zhao (CZ) pleaded guilty to multiple violations brought by the US government. Former Binance executive Richard Teng also entered a plea. Binance admitted to engaging in anti-money laundering and unlicensed money transmission, as well as sanction violations. The company agreed to pay a $1 billion resolution. The charges make it clear that using new technology to break the law is not acceptable.

Table of Contents: Binance CEO CZ Admits Guilt, Agrees to $4.3B Fine in Federal Charges

Event: Founder of Binance pleads guilty to a number of violations brought by the US government

On Tuesday, Changpeng Zhao, also known as “CZ,” the founder of Binance, the world’s largest cryptocurrency exchange, entered a guilty plea in a Seattle federal court to a number of violations brought by the US government. In addition to Zhao’s plea, Binance also agreed to pay $1 billion to resolve investigations by the Department of Justice (DOJ) and other US agencies.

The charges against Binance and Zhao included conspiracy to commit money laundering, operating an unlicensed money transmitting business, and violating US economic sanctions. The DOJ said that Binance willfully failed to maintain an anti-money laundering program and allowed criminals to use its platform to launder billions of dollars in illegal proceeds.

Zhao, who remains a shareholder of Binance, said that he takes responsibility for the mistakes that were made and that the company has taken steps to improve its compliance program. The guilty plea by Binance and Zhao is the latest in a series of actions by US authorities against cryptocurrency companies. In February, Kraken, the third-largest cryptocurrency exchange by trading volume, agreed to end its crypto staking services for US clients and pay $30 million to settle charges brought by the SEC.

Crypto exchange CEO enters a plea in Seattle federal court

On Tuesday, Changpeng Zhao, also known as “CZ,” the founder and CEO of Binance, one of the largest cryptocurrency exchanges in the world, entered a guilty plea in a Seattle federal court. The plea was part of a resolution with the U.S. Department of Justice (DOJ) and other government agencies, including the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC).

In the plea agreement, Binance admitted to engaging in anti-money laundering and unlicensed money transmitting, as well as violating sanctions. The company agreed to pay $1 billion to resolve the investigations.

In a statement, U.S. Attorney General Merrick Garland said that the message is clear: “Using new technologies to break the law will not make you a disrupter, it will make you a criminal.”

Former global head of Binance among executives pleading guilty to violations

In a major development, the former global head of Binance, Richard Teng, has pleaded guilty to violating the Bank Secrecy Act and operating an unlicensed money transmitting business. Teng, who was also the CEO of Binance’s subsidiary, Binance US, entered his plea in a Seattle federal court on Tuesday.

The charges stem from an investigation by the US Department of Justice (DOJ) and other agencies into Binance’s anti-money laundering and sanctions compliance practices.

In a statement, US Attorney General Merrick Garland said the guilty plea “sends a clear message that using new technologies to break the law will not be tolerated.”

As part of the plea agreement, Binance has also agreed to pay $1 billion to resolve investigations by the DOJ, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), the Commodity Futures Trading Commission (CFTC), and the Internal Revenue Service (IRS).

In addition, Binance has admitted to engaging in anti-money laundering violations, unlicensed money transmitting, and sanctions violations. The company has also agreed to implement a comprehensive compliance program and appoint an independent compliance monitor for a period of three years.

The guilty plea and the $1 billion fine are the latest in a series of regulatory challenges faced by Binance, which is the world’s largest cryptocurrency exchange. In recent months, Binance has also been under scrutiny by regulators in the United Kingdom, the European Union, and other jurisdictions.

Binance, the world’s largest crypto exchange, agrees to pay a billion-dollar resolution in DOJ investigation

Binance, the world’s largest crypto exchange, has agreed to pay a billion-dollar resolution in a US Department of Justice investigation.

The company pleaded guilty to one count of conspiracy to commit money laundering and agreed to pay the fine as part of a settlement with the DOJ.

The resolution also requires Binance to invest $1 billion toward improving its anti-money laundering and sanctions compliance programs.

In a statement, Binance CEO Changpeng Zhao said, “We are pleased to have resolved this matter with the DOJ. We take our regulatory obligations very seriously and are committed to cooperating with law enforcement.

We will continue to invest in our compliance program to ensure that we meet the highest standards.”

The DOJ said in a statement that the resolution is “the largest criminal penalty ever imposed on a crypto exchange.”

Deputy Attorney General Lisa Monaco said, “Today’s guilty plea and record-breaking fine should serve as a clear warning to the crypto industry: follow the law or pay the price.

The Justice Department is committed to using all of its authorities to ensure that the crypto industry is held accountable and that it does not become a safe haven for criminal activity.”

Binance admits to engaging in anti-money laundering and unlicensed money transmission

Binance, the world’s largest cryptocurrency exchange, has admitted to engaging in anti-money laundering and unlicensed money transmission, and has agreed to pay $1 billion to resolve investigations by the US Department of Justice (DOJ) and other agencies.

In a statement on Tuesday, Binance CEO Changpeng Zhao said the company had “made mistakes” but was “taking responsibility” and working to improve its compliance systems. “We are committed to working with regulators to ensure that Binance operates in a safe and compliant manner,” he said.

The DOJ said in a press release that Binance had admitted to “willfully failing to maintain an effective anti-money laundering program” and “transmitting money without a license.” The company also agreed to plead guilty to one count of conspiracy to commit bank fraud.

The charges are the latest in a series of legal challenges for Binance, which has been under scrutiny from regulators around the world in recent months. In February, the company agreed to end its crypto staking service in the US and pay $30 million to settle charges brought by the Securities and Exchange Commission (SEC).

In June, the DOJ charged Zhao and Binance with conspiracy to commit money laundering and operating an unlicensed money transmitting business. The company has denied the charges and said it will defend itself vigorously in court.

Use of new technology must not break the law, says US Attorney General

The US Attorney General has said that the use of new technology must not break the law, warning that those who do so will face consequences. His statement comes after Binance, the world’s largest cryptocurrency exchange, pleaded guilty to a number of violations brought by the Department of Justice (DOJ) and other US agencies.

The exchange’s former CEO, Changpeng Zhao, also known as CZ, appeared in a Seattle federal court on Tuesday to enter a plea. Zhao said he takes “full responsibility” for the mistakes made and that he is “committed to working with regulators” to ensure Binance complies with US law.

In addition to pleading guilty, Binance has also agreed to pay $1 billion to resolve the DOJ’s investigation. The company has also agreed to invest significantly in its compliance program and appoint an independent compliance monitor.

Binance CEO pleads guilty to failure to maintain anti-money laundering program

Binance CEO, Changpeng Zhao, also known as CZ, the founder, and CEO of Binance, has pleaded guilty to a failure to maintain an anti-money laundering program. The plea was entered in a Seattle federal court on Tuesday.

Zhao appeared in court alongside Richard Teng, Binance’s former global head of the region’s market. In a post on Twitter, Zhao said he took “full responsibility” and recognized that mistakes were made. He also said that he remains “committed” to working with regulators.

In addition to Zhao’s guilty plea, Binance has also agreed to pay $1 billion to resolve investigations by the Department of Justice (DOJ) and other US agencies.

The guilty plea and agreement represent a significant development in the ongoing regulatory scrutiny of the cryptocurrency industry.

Binance plea agreement includes a recommendation for a million-dollar fine

Binance, the world’s largest cryptocurrency exchange, has agreed to plead guilty to a number of charges brought by the US government, including conspiracy to commit money laundering and operating an unlicensed money transmitting business.

The company has also agreed to pay a fine of $1 million, according to a plea agreement that was filed in federal court in Seattle on Tuesday (US time).

The charges stem from an investigation by the US Department of Justice (DOJ) and other agencies into Binance’s anti-money laundering and sanctions compliance programs.

In a statement, US Attorney General Merrick Garland said the plea agreement sends “a clear message that the use of new technologies to break the law will not be tolerated.”

Binance CEO Changpeng Zhao said in a statement that the company takes its legal obligations “very seriously” and is committed to working with regulators. “We are pleased to have resolved these matters with the US government and will continue to work constructively with regulators around the world,” he said.

The plea agreement is the latest in a series of regulatory challenges for Binance, which has faced scrutiny from regulators in the US, UK, and other countries.

In June, the company was fined $30 million by the UK’s Financial Conduct Authority for failing to meet anti-money laundering requirements.

And in February, Binance agreed to end its crypto staking service in the US and pay $30 million to settle charges with the Securities and Exchange Commission.