World's largest crypto exchange to pay $4.3 billion fine: Binance CEO pleads guilty to money laundering

Binance CEO Changpeng Zhao resigns and pleads guilty to money laundering charges to money laundering, and the US Department of Justice is demanding a fine of in the world a fine of $4.3 billion. This was reported by BBC.News, according to UNN.

%%QUOTE_TITLE%%

I made mistakes, and I have to take responsibility. It's the best thing for our community, for Binance, and for me

The U.S. Department of Justice said it is asking Binance, the world's largest cryptocurrency exchange, to pay $4.3 billion in fines and forfeitures.The statement said Binance helped users around the world circumvent sanctions.

"Binance has facilitated nearly $900 million in transactions between U.S. and Iranian users, and has facilitated millions of dollars in transactions between U.S. users and in Syria and the Russian-occupied Ukrainian regions of Crimea, Donetsk and Luhansk," the spokesman said.

Binance, registered in the Cayman Islands, is known as the world's largest platform for buying and selling cryptocurrencies and other digital assets. The Justice Department also said that the exchange made it easier for criminals and terrorists to move money.

"Between August 2017 and April 2022, there were direct transfers of about $106 million in bitcoin to Hydra's Binance.com wallets. Hydra was a popular Russian darknet marketplace often used by criminals to facilitate the sale of illegal goods and services," the agency said.

Binance is now required to report suspicious activity to federal authorities.

"This will advance our criminal investigations into malicious cyber activity and terrorist fundraising, including the use of cryptocurrency exchanges to support groups such as Hamas," the Justice Department said.

Richard Teng, the company's head of regional markets, has been appointed as the new CEO.

SEE ALSO: Crypto exchange Binance is leaving Russia