Yellen: Historic Binance settlement “sends message” to crypto industry

The Department of Justice formally announced a series of actions against Binance, including a whopping $4.3 billion in fines and forfeitures, one of the largest corporate penalties in US history.

Attorney General Merrick Garland, Treasury Secretary Janet Yellen, CFTC chair Rostin Behnam and Deputy Attorney General Lisa Monaco appeared at the joint press conference hosted by the DOJ. The exchange, under CEO Chengpang Zhao’s leadership, knowingly and willingly broke the law and helped others do the same, Garland said during Tuesday’s press conference.

“Binance also did more than just fail to comply with federal law,” Garland said. “It pretended to comply.” 

Zhao announced his…

Read more on Blockworks

34K Reads