Binance, the world’s largest crypto exchange, will pay the largest fine in history.

It’s a settlement of $4.2 billion that founder Changpeng Zhao has agreed to settle and step down from his position as CEO, admitting guilt.

Binance violated the law by not implementing an effective anti-money laundering program. Many users were allowed to trade without a KYC (Know Your Customer) system.

Through this lack of control, Binance gained a certain market advantage, and certain criminal users and companies benefited from these unregulated transactions.

Earlier checks were carried out on Binance, and the Securities and Exchange Commission (SEC) also investigated other crypto exchanges, such as Coinbase, Bittrex, and Kraken, which faced similar accusations.

Stronger and better regulation is needed to protect users and their assets.