Search for:
  • Home/
  • News/
  • Department of Justice Explains How to Monitor Binance Operations

Department of Justice Explains How to Monitor Binance Operations

Binance’s obligations to the US Department of Justice (DOJ) are as follows: was made public this weekIt reveals significant government oversight over the exchange’s operations and trading activities.

In an analysis shared on X (formerly Twitter), former Securities and Exchange Commission (SEC) official John Reed Stark said he declared He said Binance’s compliance obligations are extremely strict and could even lead to the platform being shut down in the US.

Binance’s new obligations are explained in an eleven-page document. It also includes “the obligation to cooperate with the authorities to guarantee their access to various types of documents, records and resources, including information related to”former employees, agents, brokers, consultants, representatives, distributors, licensees, contractors, suppliers and joint venture partners.

Various divisions of the Justice Department’s Criminal Division will closely monitor the exchange’s activities, including the Money Laundering and Asset Recovery Section, the National Security Division, and the Counterintelligence and Export Control Section. The company will also be monitored by the U.S. Attorney’s Office for the Western District of Washington.

As previously announced, Binance’s plea agreement with the US government also includes five years of surveillance by the Financial Crimes Enforcement Network (FinCEN). This is an unprecedented level of scrutiny and will likely cost the exchange several million dollars. According to Stark:

“Binance’s agreement requires it to provide immediate access, oversight, review and oversight to the DOJ, FinCEN and every financial regulatory agency and law enforcement agency for years to come. This will subject the company and its customers to a financial colonoscopy 24 hours a day, 7 days a week.” , 365 days a year.”

Also read: Binance ‘completely different’ from six years ago: Interview with CEO Richard Teng

Binance and its former CEO Changpeng “CZ” Zhao agreed to pay fines of up to $4.3 billion after admitting to violating U.S. money laundering and terrorist financing laws.

Leave A Comment

All fields marked with an asterisk (*) are required