Binance Settles with Regulators
World’s Largest Cryptocurrency Exchange to Pay Record Fine
📅 November 21, 2023
Binance, the world’s largest cryptocurrency exchange, on November 21st pleaded guilty and agreed to pay more than $4.3 billion to resolve the US Justice Department’s investigation into its violations of the Bank Secrecy Act (BSA) and US sanctions, as well as other criminal activities.
Binance’s founder and chief executive officer (CEO), Changpeng Zhao (known as CZ) also pleaded guilty to failing to maintain an effective anti-money laundering (AML) program and has resigned as CEO of the company.
Continue reading about this significant regulatory action in our latest Expert Insight: Binance Settles with Regulators in which we discuss Binance’s violations of US law, including the Bank Secrecy Act and OFAC sanctions.
The report delves into the company’s efforts to obscure its violations and help its VIP customers alter their KYC documents to avoid regulatory scrutiny. In addition, this assessment highlights some of the lessons virtual asset service providers (VASPs) can learn from these recent regulatory actions and possible mitigating strategies financial institutions can use to reduce their vulnerabilities when transacting with companies such as virtual currency exchanges and new financial technologies that can present additional compliance risks.