Binance has recently pleaded guilty to violating US money laundering laws. The US Department of Treasury has identified several instances where Binance failed to report illicit transactions that took place on its platform, resulting in charges against the exchange.
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Binance charges: Child porn to terrorist organizations. Charges For Unreported Terrorism Transactions
The United States Department of the Treasury, specifically the Financial Crimes Enforcement Network (FinCEN), has taken legal action against Binance, a cryptocurrency exchange, and its CEO, Changpeng Zhao. Binance charges: Child porn to terrorist organizations.
The enforcement agency has charged Binance with violating US money laundering laws. As a result, Zhao has pleaded guilty and stepped down from his role as CEO. Additionally, the crypto exchange has agreed to settle charges amounting to $4.3 billion.
In response to these developments, Janet L. Yellen, the Secretary of the US Treasury, stated that Binance failed to comply with US laws in order to prioritize profits, thereby allowing illicit transactions to take place on its platform.
Yellen expressed, "Binance chose to ignore its legal obligations in the pursuit of financial gain. Its deliberate failures enabled funds to be channeled towards terrorists, cybercriminals, and individuals involved in child abuse through its platform."
The charges against Binance include its failure to establish and maintain an effective anti-money laundering program to safeguard its customers and US national security.
According to the enforcement agency, the exchange knowingly neglected to provide information about a series of transactions conducted on its platform that were linked to terrorist groups such as the Islamic State of Iraq (ISIS), Al Qaeda, Hamas' Al-Qassam Brigades, and the Palestinian Islamic Jihad (PIJ).
The FinCEN stated, "Binance deliberately chose not to report over 100,000 suspicious transactions that it processed due to its inadequate controls. These transactions involved terrorist organizations, ransomware, child exploitation material, fraud, and scams."
Transactions On Child Porn Linked To Binance Exchange
Among the numerous charges leveled against Binance by FinCEN, one of the key criticisms is the exchange's failure to report illicit transactions involving the dissemination of child pornography and sexual abuse materials on major websites.
According to FinCEN, Binance never reported transactions with websites dedicated to the sale of child sexual abuse materials, including Dark Scandals.
In addition, Binance has also been found to be non-compliant in disclosing information on transactions related to ransomware, fraud-related services, illegal narcotics, large-scale hacks, and scams.
In response to these violations of non-compliance, Janet L. Yellen has emphasized the significance of the enforcement actions taken against Binance in the digital asset industry.
Yellen has issued a stern warning to institutions benefiting from the US to strictly adhere to the country's regulations in order to ensure the safety of its citizens from terrorist threats and other criminal activities.
"This momentous enforcement action, with its historic penalties and monitorship to ensure compliance with US law and regulations, represents a major milestone for the virtual currency industry. Any institution, regardless of its location, that wishes to benefit from the US financial system must also abide by the rules that safeguard us all from terrorists, foreign adversaries, and criminal activities, or face the consequences," Yellen stated.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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