Binance to Make 'Complete Exit' From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement
The crypto exchange, which is settling charges with the Department of Justice, will appoint a monitor as well....
- Crypto exchange Binance will leave the U.S. and pay fines to settle charges with FinCEN and OFAC.
- Binance will pay $3.4 billion to FinCEN and $968 million to OFAC for violating the Bank Secrecy Act and sanctions programs.
- Binance had already agreed to pay $4.3 billion to the U.S. Department of Justice for violating sanctions law and failing to maintain a proper know-your-customer program.
- As part of the settlement, Binance will make a complete exit from the U.S. and appoint a monitor for five years to oversee sanctions compliance.
- Binance allowed individuals associated with Hamas, ISIS, North Korea, money launderers, and malicious cybersecurity actors to use its platform.
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