Home » Headlines » More Trouble For Binance as they are Ordered to Pay $4.3 Billion in Fines and Reparations

More Trouble For Binance as they are Ordered to Pay $4.3 Billion in Fines and Reparations

by Vicky Oselumese
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Binance Ordered to Pay $4.3 Billion in Fines and Reparations

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A federal judge in the United States has approved a plea deal requiring cryptocurrency exchange Binance to pay over $4.3 billion in fines and reparations.

The plea deal was approved by US district judge Richard Jones at a sentencing hearing in Seattle on Friday.

This decision comes after Binance and its founder, Changpeng Zhao, pleaded guilty to breaking anti-money laundering laws and violating sanctions.

The investigation by US prosecutors and regulators revealed that Binance allowed transactions with terrorist organizations, including Hamas, on its exchange.

In his judgment, the judge stated, “This really is a case where the ethics of the company were compromised by greed.”

As part of the plea agreement, Binance has been ordered to pay a fine of $1.8 billion and forfeit $2.5 billion.

Additionally, Zhao, whose sentencing has been postponed until April, has stepped down as CEO of Binance and agreed to pay a $50 million fine.

Binance, which handles cryptocurrency exchanges, has faced significant losses since the collapse of the crypto markets and the initiation of investigations into its operations.

In Nigeria, the Securities and Exchange Commission (SEC) declared the operation of Binance Nigeria Limited illegal in June 2023.

Recent reports suggest that the Nigerian government has also halted the operations of cryptocurrency platforms, including Binance.

However, Binance Nigeria has clarified that it provides a market-driven peer-to-peer platform that is not intended to influence currency pricing in Nigeria.

The company has stated that Nigerian users can still access its platform.

This article was updated 2 months ago


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