©Reuters
UNITED STATES – Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao have been ordered by a US court to pay substantial fines for violations of anti-money laundering regulations. money (AML). The Northern District of Illinois Court ruled on Monday that Mr. Zhao was personally liable for $150 million, while Binance must pay a total of $2.7 billion in penalties.
The breakdown of the fines includes the forfeiture of $1.35 billion in transaction fees collected by the exchange, as well as an additional equivalent amount as a penalty. This legal action marks an important step in the scrutiny of cryptocurrency exchanges by regulators.
Previously, Zhao pleaded guilty to charges related to money laundering violations and resigned as CEO of Binance. In light of these events, Binance acknowledged its past compliance failures and agreed to reach a settlement with US authorities. The settlement also covers previously unreported suspicious activities involving more than 100,000 transactions.
As part of the court ruling, Binance is now required to significantly improve its compliance measures. The exchange must implement strict know-your-customer (KYC) policies and other controls to prevent future violations and ensure compliance with anti-money laundering laws and regulations.
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