U.S. prosecutors have called for stringent oversight of the Binance crypto exchange, proposing up to five years of monitoring.
This follows Binance’s prior admission of noncompliance with U.S. anti-money laundering laws and sanctions mandates, for which they have consented to a substantial penalty that could reach $4.3 billion.
According to a Bloomberg report, the accountability measures are contained within a sentencing memo that prosecutors presented to a federal judge in Seattle, to ensure adherence to legal standards for Binance in particular and the broader crypto industry moving forward.
As the crypto exchange admitted to facilitating transactions for recognized terrorist organizations, such as Hamas, the severity of the infringement has caused U.S. prosecutors to call for robust repercussions, including a significant financial penalty and an extended oversight period of up to five years.
Within these proceedings, the prosecution brought to light a massive gap in Binance’s compliance structure, revealing its lack of registration as a money services business—a crucial requirement for platforms engaging in currency transactions and conversions.
Furthermore, the prosecutors said the exchange’s inadequate anti-money laundering program exposed the platform and the American financial ecosystem to potential exploitation by bad actors.
Binance founder faces up to 18 months in prison
Changpeng Zhao, the
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Author: Julius Mutunkei
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