Binance Accused of Neglecting Child Porn Transactions?

Hui Xin

2023/11/23 13:25

Binance Pleads Guilty to Charges

Binance CEO Resigns, Pleads Guilty To Money Laundering Violations https://t.co/D8xbPFHElU pic.twitter.com/FEezjosELl
— NDTV (@ndtv) November 22, 2023

Cryptocurrency exchange Binance pleaded guilty for breaching US money laundering laws.

The US Department of Treasury, through the Financial Crimes Enforcement Network (FinCEN), initiates legal action against Binance and its CEO, Changpeng Zhao, citing negligence in reporting illicit transactions on its platform.

Binance $4.3 Billion Settlement

Binance agreed to resolve charges amounting to $4.3 billion.

The enforcement agency accuses the exchange of failing to establish and maintain an Anti-Money laundering program, leading to violations in both customer protection and national security.

Consequently, CEO Changpeng Zhao resigns following a guilty plea.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…
— CZ 🔶 Binance (@cz_binance) November 21, 2023

Binance Illicit Transactions

US Treasury Secretary Janet L. Yellen condemns Binance's willful non-compliance, as she posted on her X account (formerly known as Twitter)

Binance let illicit actors transact freely on its platform, allowing money to flow to terrorists, cybercriminals, and child abusers. It willfully failed to have an effective anti-money laundering program and executed over 1.6 million trades that resulted in sanctions violations.
— Secretary Janet Yellen (@SecYellen) November 21, 2023

The charges include neglecting to report over 100,000 suspicious transactions, including those linked to terrorist groups such as ISIS and Al Qaeda.

The FinCEN's charges highlight Binance's failure to report transactions involving child pornography and sexual abuse materials.

"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,"

A Senior Official Treasury said:

"The Binance platform was facilitating some truly horrible stuff – everything from terrorist financing to ransomware actions, child pornography and various scams and frauds,"

The accusations point to a broader pattern of neglect, including non-disclosure of information on transactions involving ransomware, fraud-related services, illegal narcotics, large-scale hacks, and scams.

US Treasury Secretary Janet L. Yellen emphasises the importance of institutions adhering to US rules, warning that any entity wanting to access the US financial system must comply with the rules.

As stated in the official press release:

"If virtual currency exchanges and financial technology firms wish to realize the tremendous benefits of being part of the U.S. financial system and serving U.S. customers, they must play by the rules. And if they do not, the U.S. government will take action. Today’s historic penalties and monitorship to ensure compliance with U.S. law and regulations mark a milestone for the virtual currency industry. Any institution, wherever located, that wants to reap the benefits of the U.S. financial system must also play by the rules that keep us all safe from terrorists, foreign adversaries, and crime, or face the consequences."

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