Treasury Department Announces Largest Settlement In History And Severe Penalties Against Binance

On November 21, 2023, the Treasury Department, through the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC), announced unprecedented actions against Binance Holdings Ltd. (Binance) and its affiliates for violations of U.S. anti-money laundering and sanctions laws. Binance, the world's largest virtual currency exchange, has agreed to enter into settlement agreements with FinCEN and OFAC for $3.4 billion and $968,618,825, respectively.

Never in the history of the U.S. Treasury have such massive sums been assessed against an institution. The combined, multi-billion dollar settlement—imposed alongside other terms and in tandem with the resolution of related criminal and civil matters before the Department of Justice and Commodity Futures Trading Commission— reflect the enormity and aggravated nature of the 1,667,153 apparent AML and sanctions violations Binance accrued while conducting its global affairs.