Sec. Yellen on Binance: ‘We Have Taken the Largest Enforcement Action in Treasury’s History’
‘The settlement agreements subject Binance to increased scrutiny for five years through a third-party monitor, overseen by FinCEN, who will ensure Binance’s complete exit from the United States’
Nov 22, 2023 4:30 AM
By Grabien Staff
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EXCERPT:
YELLEN: “Binance processed these transactions, but it never filed a single suspicious activity report. And it also allowed over 1.5 million virtual currency trades that violated U.S. sanctions. So, we have taken the largest enforcement action in Treasury’s history. FinCEN’s settlement agreement assesses a penalty of $3.4 billion. OFAC’s settlement agreement assesses a penalty of nearly $1 billion. Binance is also required to report the suspicious transactions it has failed to report to date and to establish an effective anti-money laundering program to support the global AML/CFT regime. And the settlement agreements subject Binance to increased scrutiny for five years through a third-party monitor, overseen by FinCEN, who will ensure Binance’s complete exit from the United States. The monitor will be able to access Binance’s systems, transactions, and accounts and will review and report on all actions included in the settlement agreements.”
