Binance's Record $4.3 Billion Settlement: CZ Awaits Sentencing
Binance pleads guilty, accepting a $4.3 billion fine for compliance failures, marking the largest financial penalty in U.S. federal prosecution history against a crypto exchange.
![image Alex](https://image.coinlive.com/24x24/cryptotwits-static/3a11cdc0811cb1966908be0d48c0f13d.png)
Binance pleads guilty, accepting a $4.3 billion fine for compliance failures, marking the largest financial penalty in U.S. federal prosecution history against a crypto exchange.
Binance reports significant reserves of DOGE, SHIB, and XRP, exceeding user balances slightly. Ripple seeks extension in SEC lawsuit for discovery. Bitcoin wallet activity declines post-ETF approvals, signaling investor FUD.
Binance introduces reserve proof system post-FTX's bankruptcy. 15th report details assets including BTC, USDT, ETH, BNB. BTC assets surge; BNB assets decline.
The two companies set up a reserve agreement prior to the latter's bankruptcy.
Binance implemented the upgrade following Vitalik Buterin's suggestions on improving transparency of proof-of-reserves systems.
John Reed Stark, a former U.S. Securities and Exchange Commission (SEC) regulator, said that Binance’s recent “proof of reserves” report is how he defines a “red flag.”
Crypto sector auditor Mazars found that Binance customers’ Bitcoin deposits were 101% backed as of last month.
Some crypto enthusiasts feared the worst after Binance moved 127,351 BTC to an unknown wallet. It was all part of an audit.
The company is working on a proof-of-reserve system. Binance SAFU fund has been topped up to $1B.