- Federal prosecutors have submitted a motion to the court regarding the Binance case.
- They are seeking approval for the plea deal with the exchange, which would result in the case being closed.
- The former CEO of the company has also confessed and is expected to receive his sentence in late April 2024.
US federal prosecutors have requested the court to accept the plea deal from Binance, effectively closing the case. This news was reported by Bloomberg.
According to the report, the prosecution filed the petition on February 16, 2024. It stated that the sentence and fine imposed were “appropriate”:
“Given the intentional, coordinated misconduct by Binance, which caused significant collateral damage in the hundreds of millions of dollars, the fine agreed upon in the plea deal is justified,” the ruling stated, as referenced by the publication.
The plea deal entails federal oversight of Binance’s operations for a period of five years.
It is worth noting that Binance paid a record-breaking fine of $4.3 billion, making it the largest corporate settlement in US history.
The company admitted to facilitating money laundering and its CEO, Changpeng Zhao, stepped down from his position.
The court was originally scheduled to deliver a verdict in Zhao’s case at the end of February 2024, but the hearing was postponed until April.
Zhao could potentially face up to 10 years in prison, but a plea deal with the authorities may result in a reduced sentence of 18 months.