The United States Department of Justice (DOJ) has unsealed Binance's compliance commitments, revealing extensive government oversight of the cryptocurrency exchange's operations and business activities. This monitorship, described in an 11-page document, mandates Binance to provide authorities with access to a wide range of documents, records, and resources. Several divisions of the DOJ's criminal section, including those focused on money laundering, asset recovery, national security, and counterintelligence, will closely scrutinize the exchange's activities. This follows a plea deal with the U.S. government that includes five years of oversight by the Financial Crimes Enforcement Network (FinCEN).
Binance, along with its former CEO Changpeng Zhao, admitted to violating U.S. laws regarding money laundering and terrorism financing, agreeing to pay $4.3 billion in fines. Additionally, the U.S. Securities and Exchange Commission (SEC) has used these developments to strengthen its case against Binance and Zhao, incorporating the DOJ’s enforcement actions into a recent filing. The SEC has pressed 13 charges against Binance, accusing it of unregistered offers and sales of various tokens and financial products and failing to register its platform as an exchange or broker-dealer clearing agency. The SEC's latest legal maneuver seeks to use the facts presented in Binance's settlement to challenge the exchange's motion to dismiss the case, highlighting Binance's significant presence and operations in the U.S. over the past years.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.