The CFTC did not respond to requests for comment at the time of publication. Its willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform,” Treasury Secretary Janet Yellen during a press conference. “Binance turned a blind eye to its legal obligations in the pursuit of profit. The settlement comes with a $3.4 billion penalty to FinCEN and $968 million to OFAC, as well as compliance requirements and monitoring for a period of five years. It alleged that Binance had failed to prevent and report “suspicious transactions with terrorists,” citing both Al Qaeda and ISIS. The Treasury Department said in a statement that it had taken “unprecedented action” to hold Binance accountable for violations of U.S. “Now, Binance has paid one of the largest corporate penalties in US history.” “Because of the crimes committed, Binance became the largest cryptocurrency exchange in the world,” Merrick Garland, the US Attorney General, said during a press conference on Tuesday. Additionally, Binance settled charges with the DOJ and Commodities Futures Trading Commission the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC), which will give the Treasury Department access to Binance’s books and records under the terms of a five-year monitorship. It added that Binance executive Richard Teng would succeed Zhao as CEO, confirming Forbes earlier reporting.Īs part of the settlement, Zhao appeared in federal court in Seattle on Tuesday afternoon and pleaded guilty to anti-money laundering and sanctions violations brought by the Department of Justice. The company’s founder will remain its majority shareholder, and a resource for “consultation on historical areas of the business,” the company said. Zhao’s departure as CEO, which was first reported by Forbes, will not be a complete separation from Binance.
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