Binance CEO to Plead Guilty in $4.3 Billion Fine Settlement

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Crypto exchange Binance is expected to have enough funds to cover the $4.3 billion fine imposed by the US Department of Justice (DoJ) without selling any of its crypto assets, according to estimates by Coinbase Director Conor Grogan. Binance’s latest proof of reserves report shows that the exchange holds approximately $6.35 billion in total corporate crypto assets, including $3.19 billion in stablecoins. However, this figure does not include any off-chain cash reserves or crypto assets held in wallets not included in the proof of reserves. The $4.3 billion penalty would come from various US regulators, with $3.4 billion from the Treasury Department’s Financial Crimes Enforcement Network and around $970 million from the Office of Foreign Assets Control. The fine is the result of an investigation into Binance’s compliance with US anti-money laundering laws. Binance founder and CEO Changpeng Zhao has agreed to plead guilty to the charges in federal court and will step down from his executive role. Sentencing will take place at a later date.

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