Binance Settles with Regulators - Institute for Financial Integrity

Report

Binance Settles with Regulators

Read about this significant regulatory action in our Expert Insight: Binance Settles with Regulators in which we discuss Binance’s violations of U.S. 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.

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OFAC in 2023 reached settlements with 17 companies, collecting more than $1.5 billion in penalties. Mitigating factors can help reduce the severity of penalties imposed by OFAC for sanctions violations and often involve significant remedial measures and enhancements to a company’s sanctions compliance program.

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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..

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Partial Sanctions Relief for Venezuela

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MiCAR Defined – The EU’s Blueprint for Crypto Regulation

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