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Cryptocurrency exchange Binance Holdings Ltd. will pay a massive $4.3 billion criminal penalty after a judge approved a plea deal on Friday.

Binance and its founder, Changpeng Zhao, pleaded guilty late last year to anti-money laundering violations and sanctions offenses. The company admitted to letting transactions occur with terrorist organizations like Hamas on its exchange platform.

An independent firm will monitor Binances compliance for up to five years as part of the agreement. The deal also requires Zhao to step down as CEO. He faces up to 18 months in prison at an April sentencing.

US District Judge Richard Jones approved the plea deal at a hearing in Seattle. He said Binance knew it was subject to US laws but made calculated decisions not to follow them out of greed.

Prosecutors said the misconduct was intentional and led by senior executives. The deal aims to deter this behavior and protect consumers. Binances deputy general counsel told the judge the company accepts full responsibility and is proud of recent compliance improvements.

Also read: Nigeria Blocks Crypto Exchanges: Binance, Coinbase, Kraken

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Binance Hit with $4.3 Billion Penalty for AML Breaches - Crypto Times