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Treasury fines Binance $3.4 billion for failure to report suspicious activity by terrorists


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The Center Square

The U.S. Department of Treasury on Tuesday levied a $3.4 billion fine against Binance Holdings, Ltd. in a settlement with the world's biggest cryptocurrency exchange for failure to prevent and report suspicious transactions with terrorist organizations.

Binance was accused by the Treasury of failing to implement programs to prevent and report suspicious transactions involving terrorist groups such as Hamas' Al-Qassam Brigades, Al Qaeda and the Islamic State of Iraq and Syria (ISIS).

The U.S. Justice Department stated in a media release that one Binance compliance employee joked in a February 2019 chat that the company needed a banner that said, "is washing drug money too hard these days – come to binance; we got cake for you.":snip:

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