At a court in Seattle, a big moment happened in the U.S. government’s crackdown on cryptocurrency. The CEO of Binance, Changpeng Zhao, was there, admitting to breaking security laws. The government said Binance let illegal things like money laundering happen on their platform, going against the law for almost four years.
Zhao didn’t talk to reporters and left quickly. He said online that he’s leaving his CEO job, which was part of the deal.
Binance agreed to pay $4.3 billion as part of the settlement. The U.S. Attorney General and other officials in Washington, D.C., spoke about it, warning that using new tech for crime doesn’t make you a game-changer—it makes you a criminal.
Seattle was chosen for this case because it’s known for handling cybercrimes, and Binance used servers and traders there. A federal attorney called it a big day for making Binance accountable.
During a press conference, someone asked why nobody might go to jail and if Binance can handle the money penalty. The Attorney General didn’t answer, letting another official explain why the penalties and changes at Binance are important.
