Amidst a long-running investigation involving various US regulatory bodies, Binance and its CEO Changpeng Zhao (CZ) have pleaded guilty to operating the world’s largest criminal conspiracy to launder money, resulting in over $4 billion in fines. The crypto exchange, which is currently the largest in the world, has been accused of running a global money laundering operation with the assistance of other players in the industry, including Bitfinex/Tether and FTX/Alameda. Binance and its executives have operated in multiple jurisdictions, often evading regulations and lying about their activities. The settlements reached with the US will require Binance to pay fines and comply with external monitors who will oversee its operations and investigate its past and future activities.
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