Binance to Make 'Complete Exit' From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement
CoinDesk
21 Nov 2023 8:37 PM
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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