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by Mike Caswell

Cryptocurrency exchange Binance Holdings Ltd. and its Canadian founder, Changpeng Zhao, have pleaded guilty to criminal charges in the United States arising from money laundering violations and from operating in the U.S. without regulatory oversight. Prosecutors claim that Binance, which operated the world's largest cryptocurrency exchange, facilitated illegal transfers of money in and out of the United States. In particular, it allowed $898-million in trades between users in the U.S. and Iran, the government says. (All figures are in U.S. dollars.)

Binance and Mr. Zhao entered the guilty plea in an appearance in federal court in Seattle on Tuesday, Nov. 21. As part of the plea agreement, Binance will pay financial penalties totalling $4.3-billion. The figure includes a $1.8-billion fine and the forfeiture of $2.5-billion. The firm will also hire an independent monitor to ensure that it complies with rules designed to prevent money laundering and financial transactions with sanctioned jurisdictions.

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