United States of America: Approved Settlement in DoJ lawsuit against Binance over alleged anti-money laundering, unlicensed money transmitting, and sanctions violations

On 18 December 2023, the Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Northern District of Illinois approved a previously announced settlement after Binance Holdings Limited and its CEO entered a guilty plea to federal charges. Binance agreed to pay fines amounting to USD 2.7 billion. Binance, recognised as the world's largest cryptocurrency exchange, admitted to violating the Commodity Exchange Act (CEA) and CFTC regulations, engaging in unlicensed money transmitting, and violating the International Emergency Economic Powers Act (IEEPA). The Department of Justice's investigation found that Binance's rapid growth involved non-compliance with legal standards and facilitated monetary transactions with illegal entities.