Binance faced allegations of violating U.S. anti-money laundering and sanctions laws, failing to report suspicious transactions with organizations like Hamas, al Qaeda, and ISIS. U.S.
U.S. Attorney General Merrick Garland stated that Binance facilitated criminals in moving funds. The Justice Department, CFTC, and Treasury Department negotiated a $4.3 billion settlement. Garland seeks an 18-month prison sentence for Binance’s founder, Changpeng Zhao. Binance’s former chief compliance officer, Samuel Lim, was charged. Zhao, a billionaire, pleaded guilty, stepping down as CEO. The settlement includes a $1.81 billion payment within 15 months and a $2.51 billion forfeiture. Legal experts note it leaves Zhao’s wealth intact and allows him to retain his stake in Binance.
