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Crypto exchange Binance is making headlines with with groundbreaking <a href="https://news.todayq.com/report-binance-to-settle-for-4-billion-with-u-s-doj-bnb-up-8/" rel="noopener noreferrer nofollow">settlement</a> with the DOJ. The exchange has agreed to pay a huge sum of $4.3 billion in fines. It marks the largest settlement deal in the history of the U.S. Treasury Department. Resignation of Changpeng “CZ” Zhao 
Binance’s founder and CEO, Changpeng “CZ” Zhao, is set to <a href="https://news.todayq.com/cz-resigns-as-binance-ceo-in-4-billion-settlement-with-u-s-doj/" rel="noopener noreferrer nofollow">step down</a> from his role as part of the settlement. This move accompanies the exchange’s commitment to a “complete exit” from the U.S. market.
Binance to exit from U.S. after $4.3 billion settlement
The Treasury Department is also going to appoint a monitor for five years to oversee Binance’s sanctions compliance program. This monitorship is described as unprecedented by a senior official.
I want to make sure that folks really understand how unprecedented this monitorship is Treasury Secretary Janet Yellen. Ensuring monitoring of Binance 
The U.S. Treasury Department will have access to Binance’s records and systems during the monitorship period. The move will not only penalize Binance but also ensure its complete withdrawal from the U.S.
Today,
However, the official clarified that Binance.US, a separate exchange operating under BAM Trading Services, remains unaffected by this exit. it stands apart from the regulatory actions taken against its parent company as it is a separately registered money services business.
Binance has facedaccusations of violating the Bank Secrecy Act and sanctions. Authorities say that the exchange has allowed individuals associated with sanctioned jurisdictions, terrorist organizations, and malicious cyber actors to use its platform. The settlements with FinCEN and OFAC sum up to $3.4 billion and $968 million, respectively. 
This development has underscored the increasing scrutiny and regulatory challenges faced by crypto exchanges. Governments worldwide want to ensure compliance with anti-money laundering (AML) and sanctions obligations.
© Todayq News

Authorities have ensured Binance will exit U.S.

Todayq News

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