In November 2023, Binance, one of the largest cryptocurrency exchanges in the world, reached a settlement with the US Department of Justice (DOJ) over charges that it had served US customers while evading know-your-customer (KYC) and anti-money laundering (AML) regulations. The settlement also addressed allegations that Binance had processed transactions for sanctioned entities, including Iran, Hamas, and ISIS. Internal messages revealed that compliance staff had described Binance as a 'fking criminal exchange.' As part of the settlement, Binance's CEO, CZ, pleaded guilty to money laundering violations and was sentenced to 4 months in prison and fined $200 million. The DOJ also installed a monitor to oversee Binance's compliance efforts. The settlement was a significant blow to Binance, which had long been accused of operating in a regulatory gray area. The company's troubles began in 2020, when it was sued by the US Commodity Futures Trading Commission (CFTC) over allegations that it had allowed US customers to trade cryptocurrencies without proper registration. The settlement is a reminder that cryptocurrency exchanges must operate within the bounds of the law and prioritize compliance and regulatory oversight. The $4.3 billion settlement is one of the largest in the history of the cryptocurrency space, and it marks a significant turning point in the industry's relationship with regulators.