The U.S. Attorney’s Office for the Western District of Washington imposed a record $1.51 billion in fines for 2024, with Binance responsible for a significant $1.5 billion of that total. This penalty is part of a larger $4.3 billion fine levied against Binance due to serious infractions, including failing to register as a money transmitting business and breaching U.S. sanctions. U.S. Attorney Tessa M. Gorman emphasized the collaboration with the Department of Justice in pursuing accountability. As part of the settlement, Binance is required to exit the U.S. market completely, and CEO Changpeng Zhao has stepped down. Zhao must also pay a $50 million fine and has been sentenced to four months in prison. The Attorney’s Office successfully collected additional funds from civil actions and criminal restitution, further underscoring the substantial financial repercussions for Binance.

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