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Judge approves Binance's admission of guilt and payment of $4.3 billion fine

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Bloomberg reported that the judge responsible for handling the Binance case has approved Binance's admission of guilt and payment of a $4.3 billion fine.

At the end of last year, Binance and its founder CZ admitted to charges of money laundering and sanctions in court. As part of the deal, the company's compliance must be monitored by an independent company for up to five years. The monitor has not yet been appointed, but the New York-based law firm Sullivan & Cromwell is prepared to take on the role.

CZ's sentencing has been postponed until April, and it is expected that he will be sentenced to no more than 18 months in prison. As part of the plea agreement, he resigned as CEO of Binance and agreed to pay a fine of $50 million.

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