The U.S. Federal Prosecutor's Office urged the court to approve the settlement agreement of the Binance platform, effectively ending the litigation. This information was released by Bloomberg agency.
According to the report, the prosecutor's office officially filed a corresponding request on February 16, 2024. The document confirms that the punishment and financial penalty were deemed "appropriate":
"Given the nature and seriousness of Binance's misconduct, which was willful, coordinated, and resulted in significant financial harm of hundreds of millions of dollars, the penalty specified in the settlement agreement was found to be reasonable,"the publication said.
The agreement implies federal oversight of the activities of the platform for five years.
Recall that Binance paid a fine of 4.3 billion dollars, which was the largest fine in US corporate history.
The corporation pleaded guilty to facilitating #money laundering and aiding and abetting a crime. In addition, CEO #Changpeng Zhao has resigned from his post.
Although Zhao was facing up to 10 years in prison, he struck a deal with authorities that could see his sentence reduced to 18 months. The court hearing, originally scheduled for late February 2024, has been postponed to April.
