U.S. Treasury calls $3.4B Binance resolution FinCEN’s largest settlement in history

U.S. Treasury calls $3.4B Binance resolution FinCEN’s largest settlement in history
фото показано с : cryptoslate.com

2023-11-23 01:16

The U.S. Department of the Treasury published its comments on settlements with Binance and related parties in a statement on Nov. 21.

Secretary of the Treasury Janet Yellen said:

“Binance turned a blind eye to its legal obligations in the pursuit of profit. Its willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform … Today’s historic penalties and monitorship [agreement] … mark a milestone for the virtual currency industry.”

The Treasury said that Binance violated the Bank Secrecy Act (BSA) and apparently violated multiple sanctions programs. It said that Binance failed to introduce programs to prevent and report suspicious cryptocurrency transactions related to child sexual abuse material, ransomware, money laundering, terrorism, and other criminal activity.

The Treasury specifically named Hamas, the Palestinian Islamic Jihad, Al Qaeda, and ISIS as the terrorist groups that benefited from Binance’s neglect.

It added that Binance allowed U.S. users to transact with parties in sanctioned areas including Iran, North Korea, Syria, and the Crimean region of Ukraine.

FinCEN and DOJ settlement amounts are interrelated

The Treasury and two of its subdivisions — the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) — were among several U.S. agencies that reached a resolution with Binance yesterday.

FinCEN’s settlement imposes a $3.4 billion civil penalty on Binance; the terms also require Binance to be monitored for five years, engage in compliance efforts, and exit the United States. OFAC’s settlement imposes a $968 million penalty and other compliance obligations including the aforementioned FinCEN monitorship. The Treasury described both settlements as the largest in history for each subdivision.

Binance could also be compelled to pay $150 million in additional penalties if it fails to comply with those compliance and monitorship requirements.

The Department of Justice (DOJ) separately said that Binance will pay $4.3 billion to resolve its own investigation, made up of a $2.5 billion forfeiture and a $1.8 billion criminal fine. It said that it would credit $1.8 billion toward the various Treasury settlements and toward another settlement with the CFTC worth $150 million.

The DOJ is responsible for the criminal aspects of the Binance case. Though Binance itself seemingly will not experience further prosecution, its former CEO Changpeng Zhao faces up to 18 months in prison and will be sentenced in February 2024.

The post U.S. Treasury calls $3.4B Binance resolution FinCEN’s largest settlement in history appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 236.26 (-100%)

treasury binance yellen nov said janet secretary

Источник: cryptoslate.com

treasury binance → Результатов: 43


North Korean crypto wallets sanctioned; Binance says it helped Treasury seize $4.4M

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned several addresses linked to North Korean cybercrime on May 23. Six wallets sanctioned OFAC sanctioned six crypto addresses belonging to North Korean national Kim Sang Man, who was involved in cyber activities and fraudulent IT worker job placements that generated revenue for North Korea’s government […] The post North Korean crypto wallets sanctioned; Binance says it helped Treasury seize $4.4M appeared first on CryptoSlate.

2023-5-25 01:45


Фото:

Uniglo (GLO) Presale Manages to Get The Attention of Both Ethereum (ETH) and Binance Smart Chain (BNB) Whales. Here’s Why

Whales are on the move again. This time they are eyeing a newcomer in cryptocurrency – Uniglo (GLO). With its unique Ultra-Burn Mechanism and multi-asset-backed treasury, Uniglo is catching the attention of crypto investment giants with holdings in well-established tokens such as Ethereum (ETH) and Binance Smart Chain (BNB).

2022-7-24 20:59


Binance удалила учетные записи биткоин-обменника Suex

CEO криптовалютной биржи Binance Чанпэн Чжао (CZ) одобрил включение биткоин-обменника Suex в санкционный список США и поделился деталями своего участия в расследовании. Yesterday’s actions taken by the US Treasury Department against “bulletproof exchangers” like Suex is a POSITIVE development for the industry and the future trajectory of crypto.

2021-9-23 10:00


Here’s why Alchemy’s NFT TOYs are a valuable item to collect, play and trade

Binance Smart Chain-based project Alchemy Toys, which harnesses blockchain technology to allow players to collect non-fungible tokens (NFTs) backed by its own ‘treasury,’ is tackling a major issue that’s sprung up in recent times: That of most NFTs providing little value to the holder apart from being rare, on-chain, digital collectibles.

2021-5-28 17:00


Tether напечатали еще 15 млн USDT на базе TRON

Криптокошелек Tether Treasury продолжает чеканить монеты, выпустив 15 млн токенов USDT в сети TRON через год после подписания сделки с TRON. Токен торгуется на нескольких крупных биржах, таких как Binance.

2020-4-28 10:41


Фото:

Binance, Poloniex, Huobi All Own More Tether Than Bitfinex

Cryptocurrency exchange Bitfinex now controls a “very small amount” of stablecoin Tether (USDT), new data shows following a shake-up of ownership. Bitfinex Sixth-Largest USDT Holder Produced by Element Group and uploaded to Twitter by CNBC commentator Ran Neuner October 18, statistics depicting the biggest USDT holders reveal Bitfinex, which shares a CEO with Tether’s issuer, now only ranks sixth on the list.

2018-10-19 21:00


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Biden administration to veto overturning of controversial SEC crypto rules

The Biden administration said on May 8 that it would veto H. J. Res. 109, which intends to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121). The administration said it “strongly opposes” the resolution as the change will interfere with the SEC’s efforts to protect crypto market investors and safeguard the financial system.

LocalMonero exchange shutters due to ‘internal and external factors’

LocalMonero, one of the largest peer-to-peer centralized platforms for trading XMR, is sunsetting its services amid the global crackdown on privacy-focused tokens. A centralized peer-to-peer marketplace for trading Monero (XMR), LocalMonero, is closing down its services, citing “internal and external…

Emmer slams Gensler for ‘inconsistency, incompetence’ over SAB 121

House Republicans are gearing up to challenge the SEC’s controversial rule regarding digital asset custody, labeling it as an overreach of the agency’s authority. During a press conference on May 7, Representative Tom Emmer, a prominent Republican lawmaker, criticized SEC Chairman Gary Gensler’s tenure, calling it marked by “regulatory hypocrisy, inconsistency, and incompetence.