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The cryptocurrency exchange Binance will work closely with authorities in compliance with the U.S. Department of Justice (DOJ), granting access to all company records, information, and data upon request.
On December 8, a new set of obligations for the cryptocurrency exchange Binance under its agreement with the U.S. DOJ was disclosed. The document indicates that the company must provide authorities with access to documents, records, and resources when requested.
The review of Binance’s new responsibilities to U.S. authorities spanned 13 pages. The document specifies that not only all activities conducted on the crypto exchange’s platform but also the company’s internal information are subject to full oversight by state authorities. Consequently, Binance is required to furnish any information related to its current or former employees, agents, intermediaries, consultants, representatives, distributors, contractors, suppliers, joint venture partners, and others upon request.
John Reed Stark, the former Chief of the SEC’s Office of Internet Enforcement, remarks that Binance’s list of new compliance obligations resembles a consulting firm’s wish list. Stark suggests that such comprehensive government oversight is likely to result in the complete shutdown of the crypto exchange in the United States.
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Multiple criminal divisions of the DOJ will also supervise the exchange’s operations, including:
- Money Laundering and Asset Recovery Division;
- National Security Division;
- Counterintelligence and Export Control Division;
- Office for the Western District of Washington’s United States Attorney.
Binance’s agreement with the U.S. government also entails five years of oversight by the Financial Crimes Enforcement Network (FinCEN).
This agreement places the cryptocurrency exchange under total government control, which, as has been demonstrated repeatedly, compels any company to comply. Stark believes that Binance has subjected itself, along with its customers and partners, to a “24/7, 365-days-a-year financial colonoscopy.”
Representatives from Binance reached an agreement with the U.S. Department of Justice, consenting to pay a $4.3 billion fine. Changpeng Zhao, as part of this arrangement, admitted guilt for violating the Bank Secrecy Act and stepped down as the exchange’s CEO.
Сообщение DOJ Oversight Could Lead to Binance’s Shutdown in U.S. появились сначала на CoinsPaid Media.
