Binance has pleaded guilty to breaking US money laundering laws. The US Department of Treasury has highlighted all the criminal failings of Binance, charging the exchange for its negligence in reporting illicit transactions that occurred on its platform. 

Charges For Unreported Terrorism Transactions

The United States Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), has taken legal actions against Binance and its CEO, Changpeng Zhao. 

The enforcement agency charged the exchange with violating US money laundering laws. Following his indictment, Zhao has pleaded guilty and resigned from his position as CEO. The crypto exchange has also agreed to settle charges of $4.3 billion. 

The Secretary of the US Treasury Janet L. Yellen stated that the crypto exchange failed to comply with US laws in pursuit of profits, allowing illicit transactions to occur within its platform. 

“Binance turned a blind eye to its legal obligations in the pursuit of profit. Its willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform,” said Yellen. 

The charges Binance faces include a failure to establish and maintain an anti-money laundering program to protect its customers and the American National Security. 

According to the enforcement agency, the exchange willfully neglected

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Author: Scott Matherson

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