AGS NEWS – A United States judge has approved a settlement requiring Binance Holdings Ltd (BHL), the world’s largest cryptocurrency exchange, to pay $4.3 billion for breaching anti-money laundering and sanctions laws.

The agreement, endorsed by US District Judge Richard Jones in Washington state on Friday, includes a fine of $1.8 billion and forfeiture of $2.5 billion.

The US government asserted that Binance had exploited the US financial system without adhering to its regulations, enabling criminals to transfer hundreds of millions of dollars in stolen funds and illicit proceeds through the exchange.

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AGS NEWS reports that this penalty marks the largest ever imposed on a money services business, reflecting the gravity of Binance’s unlawful activities.

As part of a settlement reached in November, Binance CEO Changpeng Zhao admitted to violating US anti-money laundering laws and agreed to resign from his position.

Binance, established in 2017, dominated the crypto-trading market, elevating Zhao to billionaire status. However, the company has faced significant challenges following cryptocurrency market declines and increased regulatory scrutiny.