Treasury Levies Record Fine Against Binance for Violating Sanctions
In its largest-ever civil sanctions penalty, the Treasury Department on Nov. 21 announced a $968 mllion settlement with Binance, the world’s biggest cryptocurrency exchange, for allegedly violating multiple U.S. sanctions programs. Treasury said Binance senior management tried to “project an…
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image of compliance” but in reality allowed people that were either subject to sanctions or located in sanctioned jurisdictions to use its platform, and management also took steps to “undermine” the company’s own compliance procedures. Binance didn’t voluntarily disclose the violations, Treasury said, calling the case “egregious.”