Binance to Pay $4B to Settle U.S. Criminal Case; Sam Altman Returns as OpenAI CEO

The latest finance developments and Sam Altman agrees to return to open A I. You're watching Coin Desk daily. I'm your host, Jen Sani. The world's largest crypto exchange has been criminally charged with breaking sanctions and money transmitting laws. According to a court filing unsealed on Tuesday, Binance was accused of failing to maintain a proper anti money laundering program, operating an unlicensed money transmitting business and violating sanctions law in a settled with the US government, Binance agreed to pay $4.3 billion. It is one of the largest penalties the US has ever obtained from a corporate defendant founder CD also pleaded guilty in a Seattle courtroom Tuesday to charges he personally faced agreeing to pay millions in fines and step down as Ceo Richard Tang has been named as Bin's new chief executive officer. Tang is a former Abu Dhabi Regulator and later Bins regional markets head. Following the news of the settlement, Binance saw over $950 million in net outflows. Over 24 hours. The withdrawals are above average but not unusually large on a weekly basis. That's according to data from crypto quant Tang posting on X saying quote, the fundamentals of our business are very strong. Finance is set to continue operating as usual and to make a complete exit from the US market. Meanwhile, the largest Cryptocurrency by market cap didn't feel much of an impact. The coin desk Bitcoin price XBX index is currently hovering around $36,500. It is down one and a quarter percent on the week and more CEO drama. Now open A I co-founder. Sam Altman is set to return to his start up. This comes less than a week after he was ousted as CEO by the company's board. Altman and other former staff members then announced they would join software giant Microsoft. The move prompted backlash from employees and key stakeholders in a post today. Altman said quote, I'm looking forward to returning to open A I and building on our strong partnership with Microsoft Crypto Exchange. HTX and the Blockchain protocol Hecho chain were hacked for a cumulative $97 million on Wednesday. Justin son, one of the investors at the exchange confirmed the hack in a post on X Sun said HTX will fully compensate for any losses, deposits and withdrawals are temporarily suspended. That's a wrap for coin desk daily. Get more updates on coindesk.com. Have a happy Thanksgiving and we'll see you on Monday.