Why did Binance settle with FinCEN & OFAC?

Binance is the world’s largest virtual currency exchange, responsible for an estimated 60% of centralized virtual currency spot trading. Today, Binance settled with FinCEN and OFAC for violations of the Bank Secrecy Act (BSA) and apparent violations of multiple sanctions programs.

What happens if Binance breaches OFAC compliance obligations?

Binance’s settlement is the largest in OFAC history, and Binance could face exposure up to billions of dollars in further penalties if it materially breaches its compliance commitments as described under the agreement. For additional details, including the public settlement agreement, see the OFAC web post here.

How much is Binance liable for a violation of OFAC's settlement agreement?

OFAC’s settlement agreement assesses a penalty of $968 million and requires Binance to abide by a series of robust sanctions compliance obligations, including full cooperation with the monitorship overseen by FinCEN.