Binance violated the Bank Secrecy Act.
The Department of Justice (DOJ) authorized an additional $940 million to be distributed to victims of financial mismanagement caused by the cryptocurrency company Binance Holdings Limited. In November 2023, the company pled guilty to violating the Bank Secrecy Act, admitting the intentional neglect to obtain several key financial business registrations for its cryptocurrency operations.
In particular, the company did not develop or receive federal approval for a formal anti-money laundering strategy. This resulted in their U.S. customers unknowingly conducting illegal trades with hundreds of U.S.-sanctioned entities, including the country of Iran, a known purveyor of state-sponsored terrorism.
Justice Department’s Principal Deputy Attorney General of the Criminal Division, Nicole Argentieri, said the U.S. Victims of State Sponsored Terrorism Fund “has provided more than $6 billion to victims of state sponsored terrorism since its founding.“
She commended “the work the section has done to hold accountable those who do business with state sponsors of terrorism and to support victims through its administration of the Fund.”
As the Lord Leads, Pray with Us…
- For Principal Deputy Attorney General Argentieri to be prudent as she heads the Criminal Division of the DOJ.
- For Attorney General Merrick Garland and DOJ officials to seek God’s wisdom as they prosecute criminal activity.
Sources: Department of Justice
