US Department Of Justice Fines Binance IDR 66.9 Trillion, Crypto Exchange Will Continue To Operate

The Binance crypto exchange has been fined by the US government. (Photo; Doc. CoinTribune)

JAKARTA - In the latest development in the crypto world, Binance, one of the largest crypto exchanges in the world, recently faced severe penalties. The United States Department of Justice (DOJ) has imposed fines and confiscations of US$4.3 billion (Rp66.9 trillion) on Binance, making it the largest sentence ever imposed on a company in the United States.

Changpeng Zhao, CEO of Binance, has publicly acknowledged the law violations committed by the exchange and announced his resignation from Binance. This admission involved a violation of the anti-money laundering law, and Zhao agreed to resign as part of a defense agreement.

Although the fine of 4.3 billion US dollars (Rp66.9 trillion) is one of the largest in US history, this has not stopped Binance's operations. The agreement between DOJ and Binance ensures that this crypto exchange can continue its operations.

As part of this deal, Binance pledged to review its transactions and report suspicious transactions to the Financial Crimes Enforcement Network (FinCEN). The Treasury Department also announced that it will maintain access to Binance's five-year ledger, record and system through a supervisor.

This legal action against Binance has a significant impact on the crypto ecosystem. Although this crypto exchange is penalized, this deal allows this exchange to continue operating and prevent potential collapse that could affect the market, as happened with FTX a year ago.

However, this announcement did not provide details regarding the combined customer funds. This is a special concern, especially given the SEC's claims in its case against crypto exchanges.

It should be noted that the Commodity Futures Trading Commission (CFTC) previously sued Binance in March, alleging a violation related to commodity derivative transactions. The lawsuit also targets Binance CEO Changpeng Zhao, as a defendant. The press conference held by the US Department of Justice aims to discuss cryptocurrency enforcement actions that are significant and closely related to the CFTC's actions.