After Binance and its founder, Changpeng Zhao, pleaded guilty to breaking anti-money laundering laws and violating sanctions.
A United States (US) federal judge has agreed that Binance pays $4.3 billion in a plea deal.
The Nigerian government has also wasted no time in restricting the activities of Binance in the country
The United States (US) approved a plea deal by Binance, requiring the cryptocurrency exchange to pay over $4.3 billion in fines and reparations.
A US district judge, Richard Jones, approved the plea deal at a sentencing hearing in Seattle on Friday.
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Binance and Changpeng Zhao ended a long-running investigation of US prosecutors and regulators by pleading guilty to breaking the law.
Zhao, the founder of Binance, pleaded guilty to breaking anti-money laundering laws and violating sanctions.
The company acknowledged allowing transactions with Hamas and other terrorist organisations on the exchange.
Court Orders Binance To Pay $4.3bn
Approving the plea deal arrangement between Binance and federal prosecutors.
The judge ordered the company to pay a fine of $1.8 billion and forfeit the sum of $2.5 billion.
“This is a case where the company’s ethics were compromised by greed,” he said.
In its sentencing memorandum, the government said Binance
“Profited from the US financial system without playing by its rules, allowing criminals use the exchange to move hundreds of millions of dollars of stolen funds and illicit proceeds”.
Zhao, whose sentencing was postponed until April, relinquished his chief executive officer post and agreed to pay a $50 million fine as part of the plea agreement.
Since officials began investigating the legality of its operations, the cryptocurrency exchange has suffered significant losses.
Nigeria Restricts Binance Activities In The Country
The Nigerian Securities and Exchange Commission (SEC) in June 2023, said the operation of Binance in Nigeria, is illegal.
Recent reports in Nigeria, suggest that the federal government has stopped the operations of cryptocurrency platforms including Binance.
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Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, confirmed the restriction in a post on X on February 24, 2024.
Onanuga on February 21, alleged that the cryptocurrency platforms contribute to the manipulation of the foreign exchange (FX) market.
