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Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department (www.businessinsider.com)

submitted 7 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department::"Can barely buy an AK-47 with 600 bucks," a Binance compliance staffer told his boss in 2019, per regulators.

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[–] autotldr@lemmings.world 8 points 7 months ago

This is the best summary I could come up with:

Binance on Tuesday reached a settlement with US regulators — including the justice and treasury departments — to pay $4.3 billion in fines for violating anti-money laundering and sanctions laws.

The treasury department said Binance failed to report over 100,000 suspicious transactions involving terrorist groups, ransomware, child sexual exploitation material, and scams.

The Hamas transactions were acknowledged in February 2019 by Binance's chief compliance officer at the time, Samuel Lim, according to a Commodity Futures Trading Commission lawsuit filed in March against the crypto exchange.

On top of Tuesday's settlement, which also resolves the March CFTC complaint, Zhao is pleading guilty to breaking anti money-laundering law, per the justice department.

"Binance grew at an extremely fast pace globally, in a new and evolving industry that was in the early stages of regulation, and Binanace made misguided decisions along the way," the blog said.

Yesha Yadav, a law professor at Vanderbilt University, told Reuters that the deal "looks designed to give Binance the chance to live another day, while removing CZ, a figurehead who has been so intrinsically linked to the growth of a business model."

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