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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/binance-faces-4-3-billion-fine-for-financial-misconduct" rel="noopener noreferrer nofollow">Binance Faces $4.3 Billion Fine for Financial Misconduct</a><br></p>
<p style="text-align: justify">Prosecutors in the United States have submitted a request to a federal judge to sanction a deal involving Binance, a major player in the <a href="https://en.bitcoinhaber.net/garanti-bbva-launches-cryptocurrency-wallet-and-transfer-app" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange arena. The company has consented to a hefty fine of $4.3 billion after acknowledging its shortcomings in adhering to anti-money laundering protocols and compliance with sanctions.</p>
<h2 id="prosecutors-implore-federal-judge-to-ratify-binance-penalty">Prosecutors Implore Federal Judge to Ratify Binance Penalty</h2>
<p style="text-align: justify">Authorities argue that Binance’s high-ranking officials knowingly jeopardized the integrity of the U.S. financial infrastructure. A recent legal briefing, dated February 16th, urges a Seattle-based federal judge to validate the prearranged defense terms for Binance, with sources such as Bloomberg citing intentional misconduct by the exchange’s executives and supporting the stipulated punitive measures.</p>
<p style="text-align: justify">The terms of Binance’s settlement include the introduction of oversight for as long as five years to confirm adherence to financial regulations. Prosecutors highlighted Binance’s lack of registration as a monetary services entity and absence of a robust anti-money laundering framework, which they claim exposed the platform to risks of misuse by parties intent on bypassing sanctions and concealing illicit funds.</p>
<p style="text-align: justify">In addition, Changpeng Zhao, the exchange’s founder and ex-CEO, has conceded to charges of money laundering, which could result in up to a decade in prison. However, his plea agreement is anticipated to lead to a reduced sentence. Zhao’s admission has also triggered a change in leadership at Binance, ushering in an era with Richard Teng at the helm, whose focus is on retaining clientele amidst the company’s legal predicaments.</p>
<h2 id="verdict-on-changpeng-zhao-s-fate-deferred">Verdict on Changpeng Zhao’s Fate Deferred</h2>
<p style="text-align: justify">While awaiting sentencing, which has been deferred until April 2024, Zhao was released on a $175 million bond with the stipulation that he remains within U.S. territory. The decision, which was initially slated for February, has been delayed due to the complexities of the legal processes facing Zhao, who is up against charges of money laundering and related offenses.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/binance-faces-4-3-billion-fine-for-financial-misconduct" rel="noopener noreferrer nofollow">Binance Faces $4.3 Billion Fine for Financial Misconduct</a></h5>

Binance Faces $4.3 Billion Fine for Financial Misconduct

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