TechFlow news: The U.S. Department of the Treasury announced that the Financial Crimes Enforcement Network (FinCEN) has reached a $3.4 billion settlement with Binance, and the Office of Foreign Assets Control (OFAC) has separately reached a $968 million settlement with the company. This marks the largest penalty in the Treasury's history. To ensure Binance complies with the settlement terms—including a complete exit from the U.S. market—the Treasury will retain access to Binance’s books, records, and systems for five years. Failure to meet these obligations could result in substantial additional penalties, including a $150 million deferred penalty. Should Binance fail to uphold its compliance commitments and regulatory requirements, FinCEN will collect this deferred amount.
In addition, an independent monitor will oversee necessary remedial measures to address Binance’s past failures in meeting anti-money laundering and sanctions compliance obligations. The monitor will conduct regular reviews and report findings and recommendations to FinCEN, OFAC, and the Commodity Futures Trading Commission (CFTC) to ensure Binance’s ongoing adherence to the settlement terms.
