Binance Settles $4.3 Billion Fine, Zhao Changpeng Awaits Sentencing by End of April Unable to Leave Country
Binance’s $4.3 Billion Fine Approved by US Court
Binance has reached a plea agreement and will pay a record-breaking $4.3 billion fine to settle charges. However, the founder, Changpeng Zhao (CZ), will remain in the United States awaiting sentencing at the end of April. The US prosecutor’s office has also requested CZ to surrender his passport and imposed additional travel restrictions.
According to Bloomberg, after the judge approved Binance’s plea agreement, the company will pay $4.3 billion, making it one of the largest criminal penalties in US history. US District Judge Richard Jones stated during the sentencing hearing in Seattle last Friday, “This is indeed a case where corporate ethics have been damaged due to greed!”
As part of the settlement, the company’s compliance will be monitored by an independent firm for a period of five years. Although the monitoring company has not been specified, there is a chance that Sullivan & Cromwell, headquartered in New York, will take on this coveted role, according to previous reports.
In December 2023, a US federal judge reviewed the bail order and decided to prohibit Binance founder CZ from leaving the country. He must remain within the US until the sentencing period. The court has already postponed the judgment until April 30th.
According to Cointelegraph, the US prosecutor’s office has requested the federal judge to approve additional travel restrictions on CZ. The prosecutor has asked CZ to surrender his Canadian passport and “all other valid and expired passports and travel documents” to his legal team and provide the government with a three-day notice prior to any travel, allowing them to submit objections.
CZ’s lawyer has filed a written motion opposing these restrictions. CZ had requested to visit his family in the UAE before the sentencing, but the judge denied the request. His legal team may continue to seek ways for him to leave the US.
CZ: Changpeng Zhao
