The Binance Guilty Plea: 'We Inadvertently Had Users from Sanctioned Countries'
The DOJ's case against Binance and CEO Changpeng Zhao, as told through the plea hearing, compliance documents, and internal communications exposed in the settlement.
"We inadvertently had users from sanctioned countries on the platform. We did not have robust enough systems to detect and prevent that. That was a mistake." On November 21, 2023, Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao pleaded guilty to federal charges including money laundering, unlicensed money transmission, and sanctions violations. The company agreed to pay $4.3 billion in penalties. The plea hearing, DOJ charging documents, and internal compliance emails reveal an exchange that prioritized growth over compliance for years.
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Read the complete primary-source file.
The full edition includes the source-linked narrative, chronological context, and direct record reference.
- CZ addresses the compliance problem
- The "Tai Chi" document
- The plea hearing
- The DOJ announces the settlement
- CZ's letter to employees