Binance’s $4.3 Billion Payment in US Plea Deal Approved by Judge (2024)

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Binance’s $4.3 Billion Payment in US Plea Deal Approved by Judge? ›

A federal judge approved a plea deal by Binance on Friday, requiring the beleaguered cryptocurrency exchange to pay more than $4.3 billion in fines and restitution, after the company and its founder Changpeng Zhao

Zhao pleaded guilty late last year to money-laundering violations and stepped down as CEO of Binance. The company itself was fined $4.3bn. Zhao was fined $50m last year. Judge Richard Jones told Zhao that there were a number of mitigating factors in his sentencing, including that he had cooperated with law enforcement.

Feb 23 (Reuters) - A U.S. judge on Friday accepted Binance's guilty plea and more than $4.3 billion penalty for violating federal anti-money laundering and sanctions laws through lapses in internal controls at the world's largest cryptocurrency exchange.

In November, Binance settled charges with the Justice Department, the Treasury Department, and the Commodity Futures Trading Commission, agreeing to a $4.3 billion settlement, although the SEC was conspicuously absent from the agreement.

KEY TAKEAWAYS. The world's largest cryptocurrency exchange, Binance, has pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the U.S. Department of Justice.

The original platform stopped accepting U.S. users in 2019 due to a ban placed on it by the US government and announced it would instead partner with a U.S.-based version of its platform called Binance US. For example, Italian regulators announced on July 15 Binance was no longer authorized to operate in the country.

Binance US uses Form 1099-MISC to report miscellaneous ordinary income to the IRS. The crypto-specific edition of the 1099-MISC is used to report the gross income of traders who receive cryptocurrency rewards or engage in staking.

Zhao, 47, pleaded guilty in November to one count of failing to maintain an anti-money-laundering program. Binance agreed to pay $4.3 billion to settle related allegations from the U.S. government.

According to a cryptocurrency investment analyst, Sam Egwurube, Binance's exit will disrupt usual operations on the platform. In a note sighted by The PUNCH, the analyst stated, “The most important being that you can no longer bring in naira or use naira to purchase crypto on the Binance platform.

Meanwhile Binance has continued to thrive. Trading on Binance reached its highest level in almost three years last month, according to data provider CCData. A new CEO, Richard Teng, took the reins when Zhao pleaded guilty. The exchange is still home to more crypto trading than any competitor.

Can I get my money back from Binance? ›

In general, Binance, like most cryptocurrency exchanges, does not offer refunds for losses incurred while trading on their platform. Trading cryptocurrencies is a high-risk activity, and users are expected to be aware of the potential risks and losses associated with trading.

Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies.

The value must be same for one refund request. The unique ID assigned by Binance for the original order to be refunded. You can perform multiple partial refunds, but their sum should not exceed the order amount.

Binance Holdings Ltd. will pay $4.3 billion after a judge approved a plea deal that levies one of the largest criminal penalties in US history against the world's biggest cryptocurrency exchange.

When it comes to fiat currencies (such as EUR or USD), there is a minimum withdrawal limit for each currency. For example, to withdraw EUR, the minimum amount is 10.00 EUR through a SEPA bank transfer, and for USD, the minimum is 50.00 USD through a SWIFT bank transfer.

SEATTLE, April 30 (Reuters) - Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world's largest cryptocurrency exchange.

In 2019, Binance was banned in the United States on regulatory grounds.

US citizens who have completed the KYC can withdraw up to $1 million daily, with a fixed $15 fee with each transfer. Binance.US allows deposits of a maximum of $7.5 million per day via wire transfer and $5,000 via ACH.

“Banning people from publishing code and algorithms is a clear prior restraint on protected speech and is unconstitutional unless the government can show a compelling interest and narrow tailoring,” Coin Center said.