![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
thewayneBinance has been very naughty.
They have not been playing by the rules, including the USA's Know Your Customer (KYC) rules and have been instructing U.S. clients to disregard them, which is a violation of U.S. law.
From the article: "Under the settlement, Binance will "disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty" to the Commodity Futures Trading Commission..."
The KYC rules are in place to try to prevent crypto exchanges from providing havens for terrorists, ransomware extorters, and child sex traffickers.
The additional $1b loss was from withdrawals after the CEO stepped down.
As Binance is worth some $65b, the fine will hurt a bit, but they'll probably survive.
https://arstechnica.com/tech-policy/2023/12/binance-to-pay-2-7-billion-fine-after-hiding-shady-transactions-from-feds/
They have not been playing by the rules, including the USA's Know Your Customer (KYC) rules and have been instructing U.S. clients to disregard them, which is a violation of U.S. law.
From the article: "Under the settlement, Binance will "disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty" to the Commodity Futures Trading Commission..."
The KYC rules are in place to try to prevent crypto exchanges from providing havens for terrorists, ransomware extorters, and child sex traffickers.
The additional $1b loss was from withdrawals after the CEO stepped down.
As Binance is worth some $65b, the fine will hurt a bit, but they'll probably survive.
https://arstechnica.com/tech-policy/2023/12/binance-to-pay-2-7-billion-fine-after-hiding-shady-transactions-from-feds/
no subject
Date: 2023-12-23 08:35 am (UTC)no subject
Date: 2023-12-23 06:12 pm (UTC)There's also GDPR, and considering how much American corps like to mine their client bases for data to sell, that would be a strong disincentive to deal with British subjects. Plus KYC.