Binance must pay $4.3 billion in federal case while CZ awaits sentencing.

A federal judge accepted a guilty plea from cryptocurrency exchange Binance along with $4.3 billion in fines and penalties to settle the case — the largest such assessment in the history of federal financial litigation.

Federal Judge Richard Jones approved the deal — including $1.8 million in criminal fines and $2.5 million in financial penalties for failing to take due care to provide the service — late Friday, according to a Reuters report.

“Due in part to Binance's failure to implement an effective AML program, illegal actors are exploiting Binance's exchange in a variety of ways, including mixing services that disrupt the cryptocurrency's source and ownership,” US Department of Justice prosecutors said in court filings. “Transmitting Illicit Income from Ransomware Variants; and channeling dark market transactions, exchange hacking, and various Internet-related scams.

Prosecutors said the $4.3 billion fine is the largest in U.S. Justice Department history against a financial services business, “commensurate with the gravity of Binance's criminal conduct.”

“Binance has committed serious crimes in a deliberate plan to grow as quickly as possible – he expects significant penalties for these violations,” he said. “The proposed penalty is appropriate, holds Binance accountable for its criminal conduct, and provides a necessary deterrent to other criminal actors.”

The eye-popping figure was first floated in November during the company's initial negotiations with federal prosecutors, and the final deal was announced today by Judge Richard A. Jones published.

After the company's claims are settled, it remains an open question what will happen to its founder, Changpeng “CZ” Zhao.

Currently on a $175 million bond, Zhao's sentencing in a US Department of Justice case for violating money laundering sanctions has been postponed until April 30. Binance

Prosecutors want Zhao to surrender his Canadian passport and give at least three days' notice before any travel, CNBC reported today.

Along with pleading guilty and agreeing to pay a hefty fine, court documents show Binance has agreed to cooperate with the government, improve its compliance program and conduct independent compliance monitoring.

Binance is paying its way out of legal trouble. In December, the US District Court for the Northern District of Illinois approved a $2.7 billion settlement between Binance and the US Commodity Futures Trading Commission (CFTC). Other CFTC regulations.

Edited by Ryan Ozawa.