Binance
Cryptocurrency exchange founded by Changpeng Zhao in 2017
- Entries
- 10
- On the record
- 7
- Stories
- 1
- Latest entry
- Oct 23, 2025
The record
Binance operates what the SEC described in 2023 as the largest crypto asset trading platform in the world, controlled by its founder Changpeng Zhao. Its own record in the United States is mostly a run of enforcement actions brought that year: a CFTC lawsuit in March over derivatives offered to U.S. customers without registration, and a 13-charge SEC lawsuit in June against Binance, its U.S. affiliate BAM Trading Services and Zhao.
In November 2023 the company and Zhao settled with federal authorities. Treasury announced a $3.4 billion FinCEN penalty with a five-year monitorship and a $968 million OFAC settlement covering more than 1.6 million apparent sanctions violations, while a proposed CFTC consent order set $2.7 billion in disgorgement and penalties for the company and $150 million for Zhao. Zhao pleaded guilty in Seattle and stepped down as chief executive, and Richard Teng replaced him.
U.S. District Judge Richard Jones sentenced Zhao in April 2024 to four months in prison; prosecutors had asked for 36 months, and Zhao told the court he was sorry. The SEC case ended in May 2025, when the parties filed a joint stipulation to dismiss it with prejudice, and President Donald Trump pardoned Zhao in October 2025; his press secretary said he had exercised his constitutional authority.
Roles and honours on the record
- as of 2023 Operator of the largest crypto asset trading platform in the world, per the SEC, controlled by founder Changpeng Zhao source
- until 2023 Changpeng Zhao, owner and chief executive officer, per the CFTC complaint source
- 2023 Richard Teng, former Global Head of Regional Markets, named chief executive after Zhao stepped down source
Every entry, newest first
- Admitted
Pleaded guilty and agreed to pay over $4 billion to resolve Bank Secrecy Act, money transmitter and sanctions charges. Binance to pay $4.3B; Zhao served four months, then a pardon
Stories in this file
The record, entry by entry
- 2023-03-27 Filed The CFTC sued Zhao and three Binance entities in federal court in Illinois, alleging they offered derivatives to U.S. users from 2019 without registering, skipped identity checks and used auto-deleting messages; former compliance chief Samuel Lim was charged with aiding the violations. Commodity Futures Trading Commission, press release 8680-23
- 2023-06-05 Filed The SEC brought 13 charges against Binance Holdings, BAM Trading Services and Zhao, alleging unregistered exchange, broker-dealer and clearing operations, unregistered crypto asset offerings and misleading statements about trading controls on Binance.US. U.S. Securities and Exchange Commission, press release 2023-101
- 2023-11-21 Admitted Binance agreed to plead guilty to knowingly violating the Bank Secrecy Act, and Zhao pleaded guilty in Seattle federal court, agreed to a $50 million fine and stepped down as chief executive, Axios reported. Axios report
- 2023-11-21 Official Treasury announced a $3.4 billion FinCEN civil money penalty with a five-year monitorship, Treasury access to Binance's books and systems for five years, and a $150 million suspended penalty if compliance obligations are missed. U.S. Department of the Treasury, press release jy1925
- 2023-11-21 Official OFAC settled with Binance Holdings for $968,618,825 over 1,667,153 apparent violations of multiple sanctions programs, which it deemed egregious and not voluntarily self-disclosed. Office of Foreign Assets Control, recent actions notice
- 2023-11-21 Filed The CFTC filed a proposed consent order, subject to court approval, under which Binance would disgorge $1.35 billion and pay a $1.35 billion civil penalty, and Zhao would pay a $150 million penalty. Commodity Futures Trading Commission, press release 8825-23
- 2024-04-30 Ruled U.S. District Judge Richard Jones sentenced Zhao to four months in prison in Seattle; prosecutors had sought 36 months. Zhao told the judge he was sorry. CNBC report
- 2025-05-29 Filed The SEC and the defendants filed a joint stipulation to dismiss the SEC's action against Binance and Zhao with prejudice, the SEC noted on its 2023 release. U.S. Securities and Exchange Commission, press release 2023-101 (footnote)
- 2025-10-23 Reported President Donald Trump pardoned Zhao. White House press secretary Karoline Leavitt said the president had exercised his constitutional authority in issuing the pardon, CBS News reported. CBS News report
Documents
- Treasury press release on the FinCEN and OFAC settlements with Binance (Nov. 21, 2023)
- OFAC recent actions notice, Binance Holdings settlement (Nov. 21, 2023)
- CFTC press release 8825-23 on the proposed consent order (Nov. 21, 2023)
- CFTC press release 8680-23 on its complaint (Mar. 27, 2023)
- SEC press release 2023-101 on its 13 charges, with the 2025 dismissal note