Binance executive describes the settlement in the US as a transformative milestone.

Binance’s historic $4.3 billion settlement with the United States last year marked a significant turning point for the exchange, according to Catherine Chen, the head of institutional and VIPs. Chen expressed her enthusiasm for the “coming wave of regulation” and highlighted the positive aspects of Binance’s agreement to employ an independent compliance monitor for three years and a five-year U.S. Treasury monitor. She assured that Binance had been preparing for this monitoring agreement and dismissed concerns about its impact on the exchange’s performance.
The settlement, which took place in November 2023, involved Binance, Binance.US, and co-founder Changpang “CZ” Zhao paying $4.3 billion to the U.S. government for violating Anti-Money Laundering (AML) and sanctions laws. Zhao also agreed to step down as CEO and pleaded guilty to failing to maintain an AML program. His sentencing is scheduled for April 30, and he could face up to 18 months in jail.
During a panel discussion at Paris Blockchain Week, Chen emphasized the benefits of having regulation in place, stating that it provides clarity for Binance’s users and helps them feel more comfortable with the industry, asset class, and key players. She regarded the challenges faced by Binance as positive, believing that regulation is essential for the industry’s growth.
Binance’s new CEO, Richard Teng, revealed in an interview with CNBC that the company had moved past its previous operating style and was entering a phase of greater maturity. He also mentioned that Binance was actively looking for a global headquarters and exploring potential jurisdictions.
Despite the settlement, the Securities and Exchange Commission is still pursuing charges against Binance, Binance.US, and Zhao for selling unregistered securities and commingling customer assets. Binance denies these allegations.
In related news, a team of white-hat hackers called “SEAL 911” has been formed to combat crypto hacks in real time.