Binance Pleads Guilty to Criminal Charges, Agrees to $4.3B Penalty and 5-Year Oversight
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Binance and its CEO plead guilty to criminal charges related to money laundering and sanctions violations. Binance agrees to pay $4.3B penalty.
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As part of plea deal, Binance exits US market entirely and accepts 5-year monitorship where US agencies get access to Binance's books, records, and systems.
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Binance actively solicited questionable/criminal customers. Compliance employee said Binance was like "washing drug money - come to Binance; we got cake for you."
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Binance failed to report over 100,000 suspicious transactions involving terrorists, ransomware, child exploitation, frauds, and scams.
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With Binance's cheating and rigging of the game now over, legitimate digital asset businesses have a chance to thrive and bring potential benefits to financial system.