10:45:27 EDT Sat 27 Apr 2024
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Globe/wire say SEC defendant Binance fined $4.3B (U.S.)

2024-02-26 07:43 ET - In the News

Also In the News (U-*SEC) U S Securities and Exchange Commission

The Globe and Mail reports in its Saturday edition that a U.S. judge on Friday accepted Binance's guilty plea and a more than $4.3-billion penalty for violating federal anti-money-laundering and sanctions laws through lapses in internal controls at the world's largest cryptocurrency exchange (all figures U.S.). A Reuters dispatch to The Globe says that U.S. District Judge Richard Jones in Seattle approved the plea, which includes a $1.81-billion criminal fine and $2.51-billion of forfeiture, about an hour after the government proposed changes to Binance founder Changpeng Zhao's bond, drawing objection from Mr. Zhao's lawyers. Binance's plea announced in November resolved a years-long probe that found the exchange had failed to report more than 100,000 suspicious transactions involving designated terrorist groups including Hamas, al-Qaeda and ISIS. Prosecutors said Binance's platform also supported the sale of child-sexual-abuse materials and was among the largest recipients of ransomware proceeds. In a statement Friday, Binance said it accepted responsibility, has upgraded its anti-money-laundering and "know-your-customer" protocols, and has made "significant progress" toward changes required under its plea agreement.

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