In 2023, the crypto exchange Binance pleaded guilty to violating anti-money laundering and know-your-customer laws as well as sanctions violations. The company agreed to pay $4.3 billion, one of the largest corporate fines in U.S. history. Binance founder Changpeng Zhao, meanwhile, pleaded guilty to failing to implement proper oversight, and was later sentenced to four months in prison. In response, Zhao agreed to step down as CEO at Binance and the company consented to government-imposed monitorships, pledging to enter a new phase of "regulatory maturity."
According to Pakistan's finance ministry, the MoU with Binance will allow the government to assess tokenising sovereign bonds, treasury bills, and commodity reserves - including oil, gas, and metals - as it seeks new tools to boost liquidity and expand market reach. Tokenization would create digital representations of real-world assets on blockchain networks, potentially widening investor access and supporting secondary-market efficiency.
In its announcement, Binance reported that it has secured three global financial licenses within Abu Dhabi Global Market, a special economic zone inside the Emirati city. The licenses regulate three different prongs of the exchange's business: its exchange, clearinghouse, and broker dealer services. The three regulated entities are named Nest Exchange Limited, Nest Clearing and Custody Limited, and Nest Trading Limited, respectively.
President Donald Trump has pardoned Changpeng Zhao, the founder of the world's largest crypto exchange Binance, the White House press secretary Karoline Leavitt confirmed to Fortune on Thursday. "President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency," she said in a statement. The Wall Street Journal first broke the news, reporting that Trump signed the pardon on Wednesday.
