Posted 12/9/2023, 9:19:42 PM
Binance Settles with DOJ for $4.3B over AML Violations, Accepts Extensive Monitoring of Operations
- DOJ unveiled extensive monitorship over Binance requiring access to documents, records, resources, and detailed reporting on activities
- Several DOJ criminal division sections will closely oversee Binance's activities related to money laundering, asset recovery, national security, etc.
- Settlement requires Binance to provide instant access and inspection to regulators, exposing company and customers to constant oversight
- Binance and former CEO CZ admitted violating US laws around money laundering and terror financing, agreeing to pay $4.3B in fines
- SEC incorporates DOJ enforcement actions in case against Binance to undermine exchange's arguments about lack of US presence and operations