inance, the world's largest crypto exchange, has agreed to pay a $4.3 billion penalty to settle charges of violating U.S. sanctions and money-transmitting laws. This settlement is one of the largest penalties ever obtained from a corporate defendant in U.S. history. Binance founder Changpeng "CZ" Zhao pleaded guilty to the charges and will pay a $50 million fine. Zhao has also agreed to step down as CEO, with Richard Teng succeeding him. As part of the settlement, Binance will appoint an independent compliance monitor for three years. The resolution of this case marks a significant U.S. government victory in regulating the crypto industry. Binance has acknowledged these resolutions, emphasizing its restructuring and compliance focus moving forward.
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