According to court records, Binance faces three charges, including operating an unlicensed money transmission business, fraud charges and violating the international emergency economic powers law.
Prosecutors said Zhao accepted the court’s recommendation to impose a $50 million fine, which would count toward amounts paid to the CFTC.
Prosecutors say Binance agreed that the appropriate penalty for the exchange was approximately $1.81 billion, and that the exchange would pay the penalty within 15 months of receiving it.
Prosecutors announced that Binance accepted the $2.51 billion seizure order.
*This is not investment advice.
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