Binance Settles with U.S. Authorities, CEO Resigns Amid Crypto Industry Crackdown

Congress Yet to Act on Cryptocurrency Regulation Despite Ongoing Industry Scandals

Binance, one of the largest cryptocurrency exchanges, has reached a multibillion dollar settlement with U.S. authorities and its CEO, Changpeng Zhao, has resigned.
Binance admitted to violations of the Bank Secrecy Act and sanctions programs, including failure to implement reporting programs for suspicious transactions.
As part of the settlement, Binance will be subject to five years of monitoring and significant compliance undertakings, including ensuring Binance's complete exit from the United States.
Other major crypto entities, including Coinbase and FTX, are either in severe legal trouble, under investigation, or have collapsed altogether.
Despite these issues, Congress has yet to take action on cryptocurrency regulation, with some lawmakers arguing that existing regulations are sufficient.