Binance, the world's largest crypto exchange, was criminally charged with breaking sanctions and money-transmitting laws and agreed to a $4.3 billion settlement in 'one of the largest penalties' the U.S. has ever obtained from a corporate defendant.
Binance's initial growth was illegally fueled by its U.S. clients, the charging document alleged. In its early days, the exchange relied on Americans for the bulk of its revenue, its trading activity and thus its status as the world's largest crypto exchange.
Following the news, Binance saw over $950 million in net outflows over the past 24 hours.
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