Binance Plea Deal Under Review by US Judge


U.S. prosecutors have recommended that a federal judge approve a plea deal between Binance, a major cryptocurrency exchange, and U.S. authorities. They argue that the penalties agreed upon reflect the seriousness of Binance’s deliberate violations of the law.

Allegations Against Binance

Binance Holdings, one of the world’s largest cryptocurrency exchanges, is facing charges for allegedly refusing to register as a money services business. Prosecutors assert that Binance’s lack of an anti-money laundering program exposed its users and the U.S. financial system to potential exploitation.

Implications of the Deal

Binance has agreed to pay $4.3 billion in penalties as part of the settlement deal, as reported previously. Additionally, Changpeng (CZ) Zhao, the CEO of Binance Holdings, has agreed to step down. Prosecutors have urged the court to formalize the agreement.

In a memo filed with the Seattle Federal Court, prosecutors emphasized the intentional nature of Binance’s misconduct, led by senior executives. They highlighted the substantial collateral consequences resulting from Binance’s actions.

The plea deal also stipulates that Binance be subject to monitoring for up to five years. As for CZ Zhao, who remains in the U.S., prosecutors are seeking a maximum custodial sentence of 18 months

Manjeet Mane
Manjeet Mane
Manjeet Mane, an accomplished developer in cryptocurrency and blockchain technology, has devoted years to advancing these fields. With a firm belief in their transformative power across industries, he specializes in full-stack development.

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