US federal prosecutors urged the court to accept Binance's plea deal, thereby closing the case. Bloomberg reports this.
According to the publication, the prosecution filed the corresponding petition on February 16, 2024. It stated that the sentence, as well as the fine imposed, “were appropriate”:
“Given the nature and seriousness of Binance’s misconduct, which was intentional, coordinated, and caused hundreds of millions of dollars in collateral damage, the fine in the plea agreement was justified,” the publication refers to the ruling.
The deal provides for federal supervision of the exchange's activities for a period of five years.
Let us remind you that Binance paid a fine of $4.3 billion. This is the largest acquisition in the corporate sector in the entire history of the United States.
The company pleaded guilty to facilitating money laundering. In addition, the CEO of the exchange, Changpeng Zhao, left his post.
The court was supposed to pronounce a verdict in his case at the end of February 2024, but the hearing was postponed to April.
Zhao faces up to 10 years in prison. However, he made a deal with the authorities, due to which his sentence will likely be reduced to 18 months.
