According to a report from FinCEN, the US Treasury Department's financial crime enforcement network, VIP users of Binance have been granted a series of special privileges, including advance notification in the event of a law enforcement investigation.In a 92-page order, the Treasury Department claims that Binance "developed a process whereby if a VIP user becomes the subject of a law enforcement investigation, they are notified," effectively monitoring its VIP customers.According to FinCEN, the process is relatively straightforward, with Binance VIP team members instructed to contact the investigated user through "all available means," including sending text messages and making phone calls to notify customers, for example, that their accounts have been frozen or thawed. FinCEN warned Binance VIP team members not to be too obvious in their notifications.The company told the VIP team: "Under FinCEN's order, we can't give a strong hint in any case and directly ask the user to run/exit, otherwise we will be prosecuted or held personally responsible. For example, your account has been unlocked/your account has been investigated by XXX, which is usually a sufficiently serious hint."According to FinCEN, Binance's internal reports indicate that in 2019, VIP customers "consistently represented two-thirds to three-quarters of the trading volume and revenue on Binance.com," and added that "therefore, Binance had a significant business incentive to do its utmost to support these VIP customers." Although rules prohibit Americans from trading on the platform, US users "represent an important part of the VIP user base" and sometimes account for 20% of all exchange fees.

On November 22nd, according to on-chain data from Nansen, Binance had a net outflow of $514 million in the past 24 hours, Kraken had a net outflow of $121 million, and Coinbase had a net outflow of $57.48 million. The three combined had a net outflow of nearly $700 million.

Binance's new CEO Richard Teng stated on X platform that his three main focuses for future work are: 1) to reassure users that they can have confidence in the company's financial strength, security, and protection; 2) to collaborate with regulatory agencies to maintain high standards globally, promote innovation, and provide important consumer protection; 3) to work with partners to promote the growth and adoption of Web3.As introduced in a Binance blog post, Richard Teng has over thirty years of experience in financial services and regulation. He joined Binance in August 2021 as CEO of Binance Singapore, and shortly after became the head of regional markets at Binance, responsible for the Middle East and North Africa, Europe, and ultimately all regions outside of the United States. Prior to joining Binance, Richard served as CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority and as Chief Regulatory Officer of the Singapore Exchange (SGX) and Director of Corporate Finance at the Monetary Authority of Singapore.

Binance Holdings Limited and its CEO Zhao Changpeng have admitted to committing money laundering and violating US sanctions, and have reached a comprehensive settlement agreement with the United States, allowing the cryptocurrency exchange to continue operating. In addition, Zhao Changpeng faces a maximum of 10 years in prison, but under the plea agreement, it is expected that the sentence will not exceed 18 months, which seems to spare him from the severe punishment faced by other famous cryptocurrency criminals. The US Department of Justice has not yet made a final decision on his imprisonment, and defense lawyers said in court that sentencing will be postponed for six months.

In response to Binance's historic settlement with US regulators, Binance co-founder He Yi made a statement emphasizing that US regulators did not accuse Binance of misappropriating user funds or participating in market manipulation. He Yi stated that Binance will continue to strengthen its compliance measures and continue to build and develop its platform.

US Treasury announced that in order to ensure Binance fulfills its settlement terms, including not providing services to Americans and ensuring illegal activities are resolved, the Treasury will retain access to Binance's books, records, and systems for five years through a monitor. If Binance fails to fulfill these obligations, it may face additional significant fines, including a deferred fine of $150 million if Binance fails to comply with required compliance commitments and regulatory terms, which will be collected by FinCEN.

Reuters reported that prosecutors in charge of this case stated that Binance has agreed to pay a criminal fine of approximately $1.81 billion to the United States for the trading platform and will pay it within 15 months after being sentenced. In addition, Binance has agreed to forfeit $2.51 billion in assets. CZ has also agreed to pay a fine of $50 million to the CFTC.

According to Nansen data, the net outflow of Binance exchange tokens in the past hour has increased from $10,000 to $45 million (limited to the Ethereum blockchain).

Citing sources from Forbes, Richard Teng, the head of Binance's regional markets, may replace CEO Zhao Changpeng. However, negotiations are still ongoing and the situation may change. Teng previously oversaw the company's operations in Europe and Asia. According to sources, Binance is also preparing to announce the members of a new board of directors, which will oversee the company's management and hire a US-based third-party regulatory agency as part of its trading.

According to sources cited by Reuters, the United States will impose a fine of over $4 billion on Binance, including $3.4 billion from the Financial Crimes Enforcement Network (FINCEN) of the US Treasury Department and $968 million from the Office of Foreign Assets Control (OFAC) (totaling $4.368 billion).