# Binance and CEO Plead Guilty to Federal Charges in $4B Resolution | United States Department of Justice

<https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution>

- Host: [justice.gov](https://links.thingelstad.xyz/hosts/justice.gov/)
- Saved: November 22, 2023 (2023-11-22T17:44:14Z)
- Record: https://links.thingelstad.xyz/links/19a5b8b2173a/
- JSON: https://links.thingelstad.xyz/links/19a5b8b2173a.json

## What Jamie wrote

Does crypto create crooks? I don't think so. Does it create an environment that attracts crooks? Yes, for sure.

Summary of the ruling from NYDIG in "[A Big Overhang is Lifted as Binance and CZ Plead Guilty](https://viewemail.nydig.com/a-big-overhang-is-lifted-as-binance-and-cz-plead-guilty)":

> Binance agreed to $4.3B in penalties and forfeitures to settle the charges, while CZ agreed to individually pay a $50M fine. Binance agreed to a 5-year monitorship by regulators and to exit the US market entirely. CZ, the omnipresent figure since Binance’s rise to prominence in 2017, agreed to step down as CEO as part of the deal, with Richard Teng taking over as CEO.

Unfortunately for blockchain and crypto the lack of any regulation just means that we continue to have crooks like this. I wonder at this point if not regulating crypto is the most effective way governments have to hurt it.

## Facts

- Kind: [Page](https://links.thingelstad.xyz/kinds/page/)

## Appears in

- [WT271: Weekly Thing 271 / Imperfectionist, Zeitgeisty, Inko](https://weekly.thingelstad.com/archive/271/), Notable

## Same host

- [Founders And CEO Of Cryptocurrency Mixing Service Arrested And Charged With Money Laundering And Unlicensed Money Transmitting Offenses | United States Department of Justice](https://links.thingelstad.xyz/links/9a86bba14dd8/) (justice.gov, April 25, 2024)

## Saved the same week

- [AI is about to completely change how you use computers | Bill Gates](https://links.thingelstad.xyz/links/9ef5b1be8121/) (gatesnotes.com, November 21, 2023)
- [Microsoft Ignite 2023 Book of News](https://links.thingelstad.xyz/links/317818a1bca8/) (news.microsoft.com, November 21, 2023)
- [Introducing the Functional Source License: Freedom without Free-riding](https://links.thingelstad.xyz/links/966ea88dcb45/) (blog.sentry.io, November 21, 2023)
- [On Ad Blockers – Manu](https://links.thingelstad.xyz/links/2f42dc24ca48/) (manuelmoreale.com, November 21, 2023)
- [CEO Reminds Everyone His Company Collects Customers' Sleep Data to Make Zeitgeisty Point About OpenAI Drama](https://links.thingelstad.xyz/links/70952e9c976a/) (404media.co, November 22, 2023)

## Elsewhere

- Wayback Machine: https://web.archive.org/web/*/https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution