As Bloomberg reported, US prosecutors are seeking to reach a plea deal in the Binance case brought by the Department of Justice (DOJ).
As Bloomberg reported, US prosecutors are seeking to reach a plea deal in the Binance case brought by the Department of Justice (DOJ).
U.S. prosecutors asked a federal judge to accept an earlier plea deal in a sentencing letter filed Friday in federal court in Seattle, according to Bloombergjustifying one of the largest criminal sanctions in the history of the United States.
According to US prosecutors, “given the nature and severity of Binance’s misconduct (it was intentional and directed by senior executives, with hundreds of millions of dollars in collateral consequences), the sanctions in the proposed plea agreement are appropriate.”
As part of the plea deal, Binance would be monitored for up to five years.
Changpeng Zhao, former CEO of Binance, pleaded guilty to money laundering charges and is scheduled to be sentenced in April.
On November 21, Zhao pleaded guilty to a charge of negligence in maintaining a successful anti-money laundering policy at Binance, the world’s largest cryptocurrency exchange, which he created.
To resolve the Department of Justice (DOJ) investigation into violations of the Bank Secrecy Act (BSA), by failing to register as a money transmitting company, and the International Emergency Economic Powers Act (IEEPA), Binance agreed to pay simultaneously $4.3 billion in fines and restitution.
Binance’s guilty plea was part of coordinated resolutions with the US Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), and the Financial Crimes Enforcement Network (FinCEN). ) of the Treasury Department.
