The Federal Court for the Western District of Washington approved the payment of $4.3 billion by the cryptocurrency exchange Binance to the US Department of Justice as part of a plea deal. Bloomberg reports this.
According to the signed memorandum, the platform agreed to take significant measures to ensure continued compliance with US laws. The judge added that the sentence is aimed at preventing similar behavior from Binance and other crypto companies in the future, as well as protecting customers.
However, the court has not yet decided on an independent observer who will be appointed to monitor compliance with the requirements of the exchange for five years.
Recall that in November 2023, Binance admitted guilt in violating sanctions and anti-money laundering laws, agreeing to pay $4.3 billion.
The platform's founder, Changpeng Zhao, also pleaded guilty to violating the Bank Secrecy Act and agreed to step down as CEO.. His fine was $50 million. Additionally, the ex-head of the exchange posted bail of $175 million to remain free until the verdict is announced.
Zhao's trial is scheduled for April, and he faces up to 18 months in prison.