FinCEN Announces Largest Settlement in U.S. Treasury Department History with Virtual Asset Exchange Binance for Violations of U.S. Anti-Money Laundering Laws

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) took unprecedented action to hold Binance Holdings Ltd. and several affiliates (collectively, Binance) accountable for willful violations of the Bank Secrecy Act and its implementing regulations. FinCEN’s consent order assesses a civil money penalty of $3.4 billion, imposes a multi-faceted five-year monitorship overseen by FinCEN, and requires significant compliance undertakings, including undertakings to ensure Binance’s complete exit from the United States.

FinCEN Consent Order:  www.fincen.gov/news/enforcement-actions/matter-binance-holdings-limited-et-al-dba-binance-and-binancecom
U.S. Department of the Treasury News Release: https://home.treasury.gov/news/press-releases/jy1925