U.S. Treasury announces largest settlements in history with world’s ...

Nov 21, 2023 · Binance is the world’s largest virtual currency exchange, responsible for an estimated 60% of centralized virtual currency spot trading. U.S. Treasury announces largest …

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U.S. Treasury Announces Largest Settlements In History With World’s ...

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Nov 21, 2023 · Binance is the world’s largest virtual currency exchange, responsible for an estimated 60% of centralized virtual currency spot trading. U.S. Treasury announces largest …

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Treasury Announces $4.3B In Settlements With Virtual Currency …

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Nov 22, 2023 · The Department of the Treasury has announced that it has, through FinCEN, OFAC, and IRS-CI, taken unprecedented action to hold Binance Holdings Ltd. and its affiliates …

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OFAC's First Enforcement Actions Against Digital Currency Service ...

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Dec 30, 2020 · The Settlements. BitPay, Inc. Settlement. On February 18, 2021, OFAC announced a $507,375 settlement with BitPay, a cryptocurrency payment service provider that …

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Treasury Department Announces Largest… | Kelley Drye & Warren …

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Nov 22, 2023 · Binance, the world’s largest virtual currency exchange, has agreed to enter into settlement agreements with FinCEN and OFAC for $3.4 billion and $968,618,825, …

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FAQs about U.S. Treasury announces largest settlements in history with world’s ... Coupon?

What is FinCEN's $3.4 billion settlement?

FinCEN's historic $3.4 billion settlement is the largest penalty in U.S. Treasury and FinCEN history. Binance admits that it willfully operated as an unregistered money services business (MSB) while obscuring its ties to the U.S. and maintaining its most commercially important U.S. customers. ...

What happened with a virtual currency exchange?

The U.S. Department of the Treasury today announced the largest settlements in history with a virtual currency exchange for violations of the Bank Secrecy Act (BSA) and apparent violations of multiple sanctions programs. ...

Why did Binance settle with the CFTC?

By failing to comply with AML and sanctions obligations, Binance enabled a range of illicit actors to transact freely on the platform. Today's settlements are part of a global agreement simultaneous with Binance's resolution of related matters with the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). ...

How much is Binance liable for a violation of OFAC's settlement agreement?

OFAC’s settlement agreement assesses a penalty of $968 million and requires Binance to abide by a series of robust sanctions compliance obligations, including full cooperation with the monitorship overseen by FinCEN. ...

Did Bittrex violate its BSA obligations?

In violation of its BSA obligations, according to the settlements, Bittrex’s alleged failure to develop an effective AML program for years allegedly left its platform vulnerable to abuse by money launderers, terrorist financiers, and sanctions evaders. See id. at 1-5. ...