The U.S. Department of the Treasury will retain access to Binance's ledgers

Kapil334

The U.S. Department of the Treasury, in its announcement, stated that the Financial Crimes Enforcement Network (FinCEN) reached a $3.4 billion settlement agreement with Binance. This marks the largest fine in the history of both the U.S. Department of the Treasury and FinCEN. The company also reached a settlement of $968 million with the Office of Foreign Assets Control (OFAC). The regulatory authority mentioned that to ensure Binance fulfills the terms of the settlement, which includes not providing services to U.S. persons and addressing illegal activities, the Department of the Treasury will retain access to Binance's ledgers, records, and systems for the next five years. Failure to meet these obligations could subject Binance to substantial additional penalties, including a deferred penalty of $150 million. If Binance fails to comply with the required compliance commitments and regulatory terms, FinCEN will collect this penalty.

Shri333

It first needs to prohibit Americans from registering with this company.

Jatin255

They declared the end of an exchange in one day.