2024-02-24 08:35:07
After Binance reached a plea agreement with regulatory agencies such as the U.S. Department of Justice (DOJ) in November last year, the court officially approved the agreement yesterday (23rd) and required Binance to pay a fine of US$4.3 billion, officially setting the largest criminal case in cryptocurrency. record of fines. However, the lawsuit between Binance and the SEC is not over yet.
(Previous summary: CZ’s sentencing was postponed! For “unknown reasons” the court announced that the sentencing hearing would be postponed until the end of April)
(Background supplement: Binance was sued by the SEC at the hearing, hoping to dismiss the lawsuit on the grounds of regulatory scope! The judge has not yet made a decision)
In November last year, after Binance reached a settlement and pleaded guilty with the U.S. Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), and the Financial Crimes Enforcement Network (FinCEN), the court yesterday (23) Official dateapproveThe previously announced plea agreement between these institutions and Binance required Binance to pay a fine of US$4.3 billion, officially becoming the largest fine ever in a cryptocurrency criminal case.
In November last year, Binance admitted to allowing transactions with Hamas and other terrorist groups on the platform and pleaded guilty to three counts, including anti-money laundering, operating an unlicensed remittance business, and violating U.S. sanctions. Founder CZ admitted He is expected to be sentenced on April 30 for violating the Bank Secrecy Act.
Binance spokesperson: The plea agreement has been significantly implemented
According to The Block reporta Binance spokesperson said in a statement:
Binance accepts responsibility for the company’s past actions and has made significant progress in taking the steps required by the terms of the plea agreement.
We are pleased to put this matter behind us and continue on our path to becoming the most trusted and secure digital asset exchange in the world.
As part of the agreement, the U.S. Department of Justice and the Treasury Department’s Financial Crimes Enforcement Network require Binance to appoint an “independent monitor.” The U.S. Department of Justice requires that independent monitors be maintained for at least three years, and the Treasury Department’s Financial Crimes Enforcement Network requires that 5 years. In addition, Binance also needs to appoint a new CEO, which has been taken over by Richard Teng, who has rich regulatory experience.
On the 16th, Bloomberg reported, citing people familiar with the matter, that Binance’s independent monitor may be promoted from Sullivan & Cromwell, the New York law firm responsible for the FTX bankruptcy case, and may be led by Sharon Cohen Levin, a partner of the firm and a former federal prosecutor. To Binance’s monitoring team.
Extended reading: Binance Settlement Price” must be reported to the United States regularly, and the Ministry of Finance can have unlimited access to Binance’s books and systems within five years
The lawsuit with the US SEC is not over yet
However, Binance’s lawsuit with the U.S. Securities and Exchange Commission (SEC) is still ongoing. In June last year, the SEC sued Binance parent company Binance Holdings, Changpeng Zhao, Binance US, etc., and filed 13 charges against the defendants, alleging that the defendants operated unregistered exchanges, illegally provided and sold securities to U.S. investors, Improper handling of client funds…etc.
Binance tried to dismiss the SEC lawsuit. On January 22, it and the SEC held a four-hour hearing on the case in the U.S. District Court for the District of Columbia, citing the “significant issues principle”, which stipulates that an institution must issue Rules with significant economic or political implications will require explicit congressional direction to do so.
However, Judge Amy Berman Jackson questioned Binance’s position. She asked Binance’s lawyers how they believed that the SEC did not have the authority to apply securities laws to cryptocurrencies, and he did not believe that the major issues principle was applicable in this case. The judge has not yet decided whether to agree. The case was dismissed.
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Binance Settlement Price” must be reported to the United States regularly, and the Treasury Department can have unlimited access to Binance’s books and systems within five years
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