23 Nov 2023

Binance settles to pay whooping $4.3 billion fine

This Week in Crypto - Summary of the important crypto news and trending topics. Short and sweet to get you quickly up to speed.
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This Week in Crypto - November 24

Main News – What happened the past week?
  • Binance agrees to $4.3 billion fine
    • For what and to whom?
    • U.S. authorities sending a clear message – crypto is not untouchable
    • The future of Binance
    • More crypto punishment to come
  • Other News
Trending topics – Bigger questions shortly explained
  • U.S. crypto exchanges say they want to comply – but comply to what?
  • Racking up fines: Still some way up to the big banks for Binance

Main News – What happened the past week?

Binance agrees to $4.3 billion fine
This Week, Binance agreed to a total fine of $4.3 billion to settle lawsuits from the U.S. Department of Justice, the U.S. Treasury Department, and the Commodity Futures Trading Commission.Binance was accused of failing to maintain a proper anti-money laundering program, operating an unlicensed money-transmitting business and violating sanctions law.
The message: If you have U.S. customers, you must follow U.S. laws
Binance, the world's largest crypto exchange, has operated as a global company without any clear jurisdiction since its inception in 2017. Still, the U.S. has been the single largest jurisdiction for customers.Earlier this year, leaked internal communications obtained by authorities showed that Binance consciously avoided following American law while simultaneously taking on American customers.Blockchain networks are borderless in nature, but the people using both the networks and crypto exchanges mostly reside on planet Earth within clearly defined jurisdictions.In 2023, U.S. authorities have made a clear statement that regardless of the borderless nature of the underlying technology, they will go after any and all crypto companies breaking U.S. law.
Binance agrees to leave the U.S. completely
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