Binance will be exiting the U.S. market and settling anti-money laundering and sanctions violations with a $4.3 billion penalty, one of the largest corporate penalties in U.S. history. CEO Changpeng Zhao has stepped down after pleading guilty to anti-money laundering violations and agreed to pay a separate $50 million fine. The charges state that Binance prioritized profits over legal compliance, allowing funds tied to terrorism, hacking, and other crimes to flow through the platform undetected. Attorney General Merrick Garland said chats obtained during the investigation showed that compliance officers joked about washing drug money and Binance failed to stop over $898 million in illegal trades between U.S. users and those in sanctioned countries. As part of the plea deal, Binance forfeited over $2.5 billion and paid a $1.8 billion criminal fine. This resolution aims to send a message that crypto exchanges serving U.S. customers must follow the law and that when profits are prioritized over compliance, there will be consequences. #Binance #MoneyLaundering #AML #CryptoExchanges

You can read more about this topic here: Decrypt: Binance Must ‘Completely Exit’ From US as It Settles Years-Long Criminal Investigation

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