US Treasury Secretary Janet Yellen, in a joint statement with representatives of the Department of Justice, expressed the opinion that the Binance exchange paid for its greed and non-compliance with laws.

In a joint communique from the US Department of Justice and the US Treasury, Janet Yellen praised the efforts of regulators to suppress the illegal activities of Binance and, in her opinion, the well-deserved punishment of those responsible.

“Binance’s historic fines mark an important milestone for the virtual currency industry and enforcement. A corporate strategy that prioritizes profits over compliance with laws is not a path to wealth, but a path to federal prosecution. Any institution that wants to take advantage of the US financial system must operate under rules that protect us from terrorists, foreign adversaries and crime,” Yellen said.

According to Reuters, Binance’s deal with regulators includes includes a $3.4 billion fine from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and another $968 million from the Office of Foreign Assets Control (OFAC). The fine amount must be paid to Binance within 15 months.

Despite the huge fine, Binance is expected to resolve financial claims from US regulators thanks to its corporate cryptocurrency reserves, without having to sell crypto assets. According to the latest report, the company’s total confirmed reserves exceeded $6 billion. However, according to DefiLlama, after the Binance CEO admitted his guilt, the net outflow of funds from the exchange exceeded $1 billion per day.

Earlier, Matrixport analyst Markus Thielen said that the conclusion of a settlement agreement between Binance and the American authorities would strengthen investor confidence in the crypto industry.