Binance Pleads Guilty to Money Laundering, Faces Over $4 Billion in Fines

Published on November 21, 2023

Changpeng Zhao, the founder of the world’s biggest cryptocurrency exchange Binance, pleaded guilty to money-laundering charges and agreed to step down and pay a $50 million fine, while Binance itself faces over $4 billion in fines to settle criminal charges and must make a “complete exit” from the United States. Following a years-long investigation into the operations of the crypto exchange, Binance and Mr. Zhao agreed to enter into a plea deal with a range of U.S. federal agencies, including the Department of Justice (DOJ) and the Department of the Treasury. As part of the deal, Binance agreed to plead guilty to criminal charges and pay over $4 billion in penalties as part of the sweeping settlement....

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