U.S. Treasury: Retains access to Binance’s books, records, and systems for five years

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Cointime2023/11/21 21:54

By:Cointime

US Treasury announced that in order to ensure Binance fulfills its settlement terms, including not providing services to Americans and ensuring illegal activities are resolved, the Treasury will retain access to Binance's books, records, and systems for five years through a monitor. If Binance fails to fulfill these obligations, it may face additional significant fines, including a deferred fine of $150 million if Binance fails to comply with required compliance commitments and regulatory terms, which will be collected by FinCEN.

The monitor will supervise necessary remedial measures to address Binance's failure to comply with anti-money laundering and sanction obligations. The regulatory agency will also conduct periodic reviews and report its findings and recommendations to FinCEN, OFAC, and CFTC to ensure Binance continues to comply with the terms of the settlement agreement.

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