Binance and Former CEO Ordered to Pay $2.85 Billion in Fines

The U.S. court's decision concludes a long-standing case against the crypto exchange for violations of anti-money laundering and sanctions laws.

Binance and its former CEO, Changpeng Zhao, have been ordered by a U.S. court to pay a total of $2.85 billion in fines to the U.S. Commodity Futures Trading Commission (CFTC) for money laundering.
The court has imposed a $150 million civil monetary penalty personally against Zhao, and required Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC.
Zhao stepped down as CEO in November and pleaded guilty to breaking U.S. anti-money laundering laws as part of a settlement resolving a years-long probe into the world's largest crypto exchange.
Binance was found guilty of breaking U.S. anti-money laundering and sanctions laws and failed to report more than 100,000 suspicious transactions with organizations the U.S. described as terrorist groups.
Zhao is currently in the U.S. awaiting sentencing in February 2024, after a federal judge ordered him to remain in the country, deeming him a flight risk. The former CEO faces up to five years in prison, though the Justice Department is reportedly seeking an 18-month sentence for Zhao.