Posted 2/17/2024, 1:42:16 PM
Binance Faces Penalties for Sanctions Violations and Compliance Failures
- Changpeng Zhao, Binance CEO, faces up to 18 months in jail for company's breach of US sanctions laws
- Prosecutors emphasize gravity of infractions, which exposed financial system to exploitation
- Plea deal includes $4.3 billion penalty and up to 5 years of monitoring Binance's compliance
- Binance failed to register as money services business and had inadequate AML controls
- Case signals increased regulator scrutiny and consequences for crypto compliance failures