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What was the Binance settlement?

In November 2023 Binance pleaded guilty in the US to anti-money-laundering, unlicensed money transmitting and sanctions violations, and agreed to pay about $4.3 billion. Its founder, Changpeng Zhao, pleaded guilty to failing to maintain an effective anti-money-laundering program.

What it means for you

An exchange's legal standing can change where it may serve customers and what it must check. It does not by itself say whether customer funds are held in full.

How it works

The Justice Department says Binance pleaded guilty to conspiracy to violate the Bank Secrecy Act and fail to register as a money transmitting business, and to violating the International Emergency Economic Powers Act. Between 2018 and 2022 it caused over $898 million in trades between US users and users in Iran. The penalty was $4,316,126,163.

Source: US DOJ: Binance and CEO plead guilty to federal charges in $4B resolution · checked 5 October 2026

Related words

AMLKYCSanctionsCrypto exchangeProof of reserves

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