Binance’s $4.3 Billion Plea Deal Approved by US Judge

Binance Holdings Ltd., the world’s largest cryptocurrency exchange, has agreed to pay a $4.3 billion penalty as part of a plea deal approved by a US judge. This marks one of the largest corporate penalties in US history.


The plea agreement comes after months of investigation by the Department of Justice (DOJ) and other regulatory bodies. Binance and its former CEO, Changpeng Zhao, pleaded guilty to anti-money laundering violations.

Terms of the Plea Agreement

The plea deal includes:

  • A $4.3 billion penalty
  • The appointment of a new CEO
  • The implementation of a compliance system monitored by an independent firm for five years

Prosecutors’ Perspective

Prosecutors argued that Binance’s actions exposed the US financial system to individuals seeking to exploit it for personal gain. They emphasized the intentional nature of Binance’s misconduct and the involvement of senior executives.

Judge’s Opinion

US District Judge Richard Jones, who approved the plea agreement, expressed his belief that Binance’s ethics were compromised by greed.

Binance’s Response

Binance’s deputy general counsel, Josh Eaton, acknowledged the company’s accountability to US financial laws and admitted to making calculated decisions not to follow them. However, he stated that Binance accepts full responsibility for its past actions and has made significant compliance enhancements in recent years.

Changpeng Zhao’s Sentencing

As part of the plea deal, Changpeng Zhao stepped down as Binance’s CEO and agreed to pay a $50 million fine. He is awaiting his sentencing trial, scheduled for April 30, 2024. He faces a potential jail term of up to 18 months, although prosecutors could seek a longer sentence. Zhao remains free in the United States with travel restrictions after securing bail with a $175 million bond.