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US Judge Approves Binance's $4.3 Billion Settlement; CZ Awaits Sentencing

The historic plea deal with US prosecutors is now set in stone, with the settlement approved by a federal judge.

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One of the largest corporate penalties in US history, against the world's largest crypto exchange, has been signed off by federal judge Richard Jones in Seattle, Reuters reported over the weekend

This decision comes after Binance's admission of guilt in a case that spotlighted lapses in the exchange's internal controls, which failed to report over 100,000 suspicious transactions linked to terrorist organizations and other illicit activities.

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Apart from a $1.81 billion criminal fine and $2.51 billion of forfeiture, the deal states that the company's compliance must be monitored for five years by an independent firm, which has yet to be appointed.

This resolution follows Binance founder Changpeng Zhao's (CZ) November guilty plea to money laundering violations, which has him tethered to a $175 million bond and awaiting sentencing scheduled for April 30. He faces a $50 million fine and has been mandated to resign from his role as CEO of Binance. His bond conditions have been tightened, requiring him to stay within the continental United States under court supervision, surrender his passports, and notify authorities of any travel plans.

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Market watch

Investors and enthusiasts have been closely monitoring the potential impact of the Binance case on Bitcoin (BTC) and Binance Coin (BNB) prices.

Following the settlement, Bitcoin experienced a minor dip, but has recovered to trade at $51,500, while the broader market speculates on the long-term implications of this legal development for the cryptocurrency ecosystem. The price of Bitcoin sits at slightly above the 50-day Simple Moving Average, indicating that the cryptocurrency is in a consolidation phase.

BNB is trading at $384.4, or 9.13% up in the past 7 days, with the RSI in the overbought zone, and Chaikin Money Flow indicating mild bullish sentiment.

BNB token (7 days). Data: Coinmarketcap