Binance and CEO Plead Guilty to Federal Charges in $4B Resolution
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Okay Good afternoon. I'm joined today by Treasu Okay Good afternoon. I'm joined today by Treasury Secretary today by Treasury Secretary today by Treasury Secretary Janet Yell today by Treasury Secretary Janet Yellen today by Treasury Secretary Janet Yellen, Deputy A today by Treasury Secretary Janet Yellen, Deputy Attorney Janet Yellen, Deputy Attorney Janet Yellen, Deputy Attorney General Janet Yellen, Deputy Attorney General Lisa Janet Yellen, Deputy Attorney General Lisa Mon Janet Yellen, Deputy Attorney General Lisa Monaco Janet Yellen, Deputy Attorney General Lisa Monaco and Janet Yellen, Deputy Attorney General Lisa Monaco and C F T Janet Yellen, Deputy Attorney General Lisa Monaco and C F T C General Lisa Monaco and C F T C chairman General Lisa Monaco and C F T C chairman, Russ Benha General Lisa Monaco and C F T C chairman, Russ Benham. General Lisa Monaco and C F T C chairman, Russ Benham. We General Lisa Monaco and C F T C chairman, Russ Benham. We are chairman, Russ Benham. We are here t
chairman, Russ Benham. We are here today chairman, Russ Benham. We are here today to chairman, Russ Benham. We are here today to announce
chairman, Russ Benham. We are here today to announce that chairman, Russ Benham. We are here today to announce that t here today to announce that the Justic here today to announce that the Justice Departmen here today to announce that the Justice Department has sec here today to announce that the Justice Department has secured Justice Department has secured felony Justice Department has secured felony guilty Justice Department has secured felony guilty pleas Justice Department has secured felony guilty pleas from th Justice Department has secured felony guilty pleas from the felony guilty pleas from the felony guilty pleas from the world's felony guilty pleas from the world's largest felony guilty pleas from the world's largest Cryptoc felony guilty pleas from the world's largest Cryptocurrency world's largest Cryptocurrency exch world's largest Cryptocurrency exchange world's largest Cryptocurrency exchange finance world's largest Cryptocurrency exchange finance and world's largest Cryptocurrency exchange finance and from its exchange finance and from its founde exchange finance and from its founder exchange finance and from its founder a exchange finance and from its founder and CEO. exchange finance and from its founder and CEO. C exchange finance and from its founder and CEO. Chang pangs how founder and CEO. Chang pangs how also
founder and CEO. Chang pangs how also k founder and CEO. Chang pangs how also known as C Z. founder and CEO. Chang pangs how also known as C Z. Separat founder and CEO. Chang pangs how also known as C Z. Separate founder and CEO. Chang pangs how also known as C Z. Separate f
also known as C Z. Separate from th also known as C Z. Separate from the criminal also known as C Z. Separate from the criminal e also known as C Z. Separate from the criminal enforcement a
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the criminal enforcement actions . The Justice Department . The Justice Department is . The Justice Department is announcing . The Justice Department is announcing t . The Justice Department is announcing today . The Justice Department is announcing today S . The Justice Department is announcing today Secretary announcing today Secretary Ye announcing today Secretary Yellen announcing today Secretary Yellen a announcing today Secretary Yellen and Chairman announcing today Secretary Yellen and Chairman Benham announcing today Secretary Yellen and Chairman Benham w Yellen and Chairman Benham will al Yellen and Chairman Benham will also Yellen and Chairman Benham will also announc Yellen and Chairman Benham will also announced Yellen and Chairman Benham will also announced c Yellen and Chairman Benham will also announced civil Yellen and Chairman Benham will also announced civil regulat also announced civil regulatory en also announced civil regulatory enforcement also announced civil regulatory enforcement actions also announced civil regulatory enforcement actions a also announced civil regulatory enforcement actions and enforcement actions and the enforcement actions and the Treasury enforcement actions and the Treasury D enforcement actions and the Treasury Department enforcement actions and the Treasury Department and tha enforcement actions and the Treasury Department and that Treasury Department and that the Treasury Department and that the Treasury Treasury Department and that the Treasury D Treasury Department and that the Treasury Department an Treasury Department and that the Treasury Department and the CFTC Treasury Department and the CFTC are taki Treasury Department and the CFTC are taking against f Treasury Department and the CFTC are taking against finance. are taking against finance. Criminal
are taking against finance. Criminal and are taking against finance. Criminal and civil e are taking against finance. Criminal and civil enforcement
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legal standards. This collective effort represents legal standards. This collective effort represents t legal standards. This collective effort represents the whole legal standards. This collective effort represents the whole of effort represents the whole of governme effort represents the whole of government a effort represents the whole of government approach effort represents the whole of government approach that we government approach that we are government approach that we are taking government approach that we are taking to comb government approach that we are taking to combat corpora taking to combat corporate crime. taking to combat corporate crime. Finance has
taking to combat corporate crime. Finance has agree taking to combat corporate crime. Finance has agreed to crime. Finance has agreed to crime. Finance has agreed to plead guilty crime. Finance has agreed to plead guilty to willfu crime. Finance has agreed to plead guilty to willfully
plead guilty to willfully plead guilty to willfully violating th plead guilty to willfully violating the bank Secre plead guilty to willfully violating the bank Secrecy plead guilty to willfully violating the bank Secrecy Act. violating the bank Secrecy Act. violating the bank Secrecy Act. Knowingly violating the bank Secrecy Act. Knowingly f violating the bank Secrecy Act. Knowingly failing violating the bank Secrecy Act. Knowingly failing to register
violating the bank Secrecy Act. Knowingly failing to register as Knowingly failing to register as a Knowingly failing to register as a money trans Knowingly failing to register as a money transmitting Knowingly failing to register as a money transmitting busin Knowingly failing to register as a money transmitting business a money transmitting business a money transmitting business and willfull a money transmitting business and willfully a money transmitting business and willfully viola and willfully violating the and willfully violating the Internatio and willfully violating the International Emergen and willfully violating the International Emergency and willfully violating the International Emergency Econo International Emergency Economic Po International Emergency Economic Powers Act. International Emergency Economic Powers Act. These
International Emergency Economic Powers Act. These laws International Emergency Economic Powers Act. These laws ensur International Emergency Economic Powers Act. These laws ensure Powers Act. These laws ensure that
Powers Act. These laws ensure that our f Powers Act. These laws ensure that our financial Powers Act. These laws ensure that our financial institution
Powers Act. These laws ensure that our financial institutions that our financial institutions that our financial institutions are not avai that our financial institutions are not available that our financial institutions are not available to designat are not available to designated terr are not available to designated terrorist organ are not available to designated terrorist organizations terrorist organizations, drug terrorist organizations, drug traffickers terrorist organizations, drug traffickers and sanctio terrorist organizations, drug traffickers and sanctioned traffickers and sanctioned traffickers and sanctioned nation traffickers and sanctioned nation states traffickers and sanctioned nation states tha nation states that threaten nation states that threaten public saf nation states that threaten public safety nation states that threaten public safety and public safety and national public safety and national security. public safety and national security. The public safety and national security. The Justi
public safety and national security. The Justice Departm public safety and national security. The Justice Department security. The Justice Department is req security. The Justice Department is requiring
security. The Justice Department is requiring finan security. The Justice Department is requiring finance to pay is requiring finance to pay for $0 is requiring finance to pay for $0.3 is requiring finance to pay for $0.3 billion i
is requiring finance to pay for $0.3 billion in penalties is requiring finance to pay for $0.3 billion in penalties and $0.3 billion in penalties and forf $0.3 billion in penalties and forfeitures.
$0.3 billion in penalties and forfeitures. This $0.3 billion in penalties and forfeitures. This is one of $0.3 billion in penalties and forfeitures. This is one of the forfeitures. This is one of the larges forfeitures. This is one of the largest penalties
forfeitures. This is one of the largest penalties we forfeitures. This is one of the largest penalties we have ever largest penalties we have ever largest penalties we have ever obtained largest penalties we have ever obtained from a c obtained from a corporate obtained from a corporate defendant obtained from a corporate defendant in a crim obtained from a corporate defendant in a criminal matter. defendant in a criminal matter.
defendant in a criminal matter. The defendant in a criminal matter. The Justice defendant in a criminal matter. The Justice Departmen defendant in a criminal matter. The Justice Department is also The Justice Department is also imposing The Justice Department is also imposing a monitor The Justice Department is also imposing a monitor ship The Justice Department is also imposing a monitor ship as imposing a monitor ship as well imposing a monitor ship as well as imposing a monitor ship as well as reporting imposing a monitor ship as well as reporting requirement imposing a monitor ship as well as reporting requirements on as reporting requirements on financ as reporting requirements on finance as reporting requirements on finance as part as reporting requirements on finance as part of today' finance as part of today's reso finance as part of today's resolution.
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resolution. Moving forward by Nance must resolution. Moving forward by Nance must file the resolution. Moving forward by Nance must file the suspiciou Nance must file the suspicious acti Nance must file the suspicious activity repor Nance must file the suspicious activity reports that activity reports that were activity reports that were required b activity reports that were required by law. activity reports that were required by law. The
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required to review past tran required to review past transactions required to review past transactions and required to review past transactions and rep transactions and report su transactions and report suspicious transactions and report suspicious activity transactions and report suspicious activity to federa transactions and report suspicious activity to federal suspicious activity to federal authoritie suspicious activity to federal authorities suspicious activity to federal authorities. suspicious activity to federal authorities. This suspicious activity to federal authorities. This will ad suspicious activity to federal authorities. This will advance
authorities. This will advance ou authorities. This will advance our criminal inv authorities. This will advance our criminal investigation authorities. This will advance our criminal investigations authorities. This will advance our criminal investigations into our criminal investigations into maliciou our criminal investigations into malicious c our criminal investigations into malicious cyber our criminal investigations into malicious cyber activit our criminal investigations into malicious cyber activity malicious cyber activity and malicious cyber activity and terrorism malicious cyber activity and terrorism fun malicious cyber activity and terrorism fundraising malicious cyber activity and terrorism fundraising, includin malicious cyber activity and terrorism fundraising, including terrorism fundraising, including th terrorism fundraising, including the use of Cry terrorism fundraising, including the use of Cryptocurrency the use of Cryptocurrency exchange the use of Cryptocurrency exchanges to suppor the use of Cryptocurrency exchanges to support groups the use of Cryptocurrency exchanges to support groups such exchanges to support groups such as exchanges to support groups such as Hamas.
exchanges to support groups such as Hamas. While t exchanges to support groups such as Hamas. While this historic as Hamas. While this historic plea as Hamas. While this historic plea is an
as Hamas. While this historic plea is an i as Hamas. While this historic plea is an important mea as Hamas. While this historic plea is an important measure plea is an important measure of plea is an important measure of accountabi plea is an important measure of accountability plea is an important measure of accountability, we plea is an important measure of accountability, we k plea is an important measure of accountability, we know plea is an important measure of accountability, we know that accountability, we know that corporat accountability, we know that corporations accountability, we know that corporations o accountability, we know that corporations only act to accountability, we know that corporations only act to the corporations only act to the individu corporations only act to the individuals who run corporations only act to the individuals who run them. corporations only act to the individuals who run them. That individuals who run them. That is why w
individuals who run them. That is why we individuals who run them. That is why we have individuals who run them. That is why we have also individuals who run them. That is why we have also f individuals who run them. That is why we have also filed a is why we have also filed a is why we have also filed a felony charge is why we have also filed a felony charge a is why we have also filed a felony charge against felony charge against and felony charge against and secured felony charge against and secured a guilty felony charge against and secured a guilty plea f felony charge against and secured a guilty plea from secured a guilty plea from Ch secured a guilty plea from Chiang Pangs secured a guilty plea from Chiang Pangs a secured a guilty plea from Chiang Pangs allow secured a guilty plea from Chiang Pangs allow for willfully Chiang Pangs allow for willfully viol Chiang Pangs allow for willfully violating the Chiang Pangs allow for willfully violating the bank Secrecy Chiang Pangs allow for willfully violating the bank Secrecy Act.
violating the bank Secrecy Act. violating the bank Secrecy Act. SC violating the bank Secrecy Act. SC CEO violating the bank Secrecy Act. SC CEO of violating the bank Secrecy Act. SC CEO of Finan violating the bank Secrecy Act. SC CEO of Finance
violating the bank Secrecy Act. SC CEO of Finance willf violating the bank Secrecy Act. SC CEO of Finance willfully SC CEO of Finance willfully SC CEO of Finance willfully violated fed SC CEO of Finance willfully violated federal SC CEO of Finance willfully violated federal law SC CEO of Finance willfully violated federal law that violated federal law that requir violated federal law that requires violated federal law that requires financial i violated federal law that requires financial institutions requires financial institutions to gua requires financial institutions to guard against m requires financial institutions to guard against money to guard against money launde to guard against money laundering and ter laundering and terrorist laundering and terrorist financing. laundering and terrorist financing. Zao laundering and terrorist financing. Zao resul laundering and terrorist financing. Zao results
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market share and trading volume. So rathe market share and trading volume. So rather than comp market share and trading volume. So rather than comply market share and trading volume. So rather than comply finance So rather than comply finance So rather than comply finance facilitated So rather than comply finance facilitated billi So rather than comply finance facilitated billions So rather than comply finance facilitated billions of dollars facilitated billions of dollars of unr facilitated billions of dollars of unregulated Cry facilitated billions of dollars of unregulated Cryptocurrency of unregulated Cryptocurrency transa of unregulated Cryptocurrency transactions. of unregulated Cryptocurrency transactions. It
of unregulated Cryptocurrency transactions. It willfully transactions. It willfully transactions. It willfully enabled
transactions. It willfully enabled hundreds transactions. It willfully enabled hundreds of transactions. It willfully enabled hundreds of millions of enabled hundreds of millions of dollar enabled hundreds of millions of dollars enabled hundreds of millions of dollars in transa enabled hundreds of millions of dollars in transactions enabled hundreds of millions of dollars in transactions betwe dollars in transactions between Am dollars in transactions between American dollars in transactions between American users dollars in transactions between American users and u dollars in transactions between American users and users dollars in transactions between American users and users subject American users and users subject American users and users subject to US American users and users subject to US sanctions American users and users subject to US sanctions and its pla American users and users subject to US sanctions and its platform to US sanctions and its platform to US sanctions and its platform accommodated to US sanctions and its platform accommodated criminals to US sanctions and its platform accommodated criminals across accommodated criminals across the accommodated criminals across the world who accommodated criminals across the world who used accommodated criminals across the world who used finan accommodated criminals across the world who used finance the world who used finance to the world who used finance to move the world who used finance to move their the world who used finance to move their stole the world who used finance to move their stolen funds a move their stolen funds and othe move their stolen funds and other criminal p move their stolen funds and other criminal proceeds. move their stolen funds and other criminal proceeds. Fin
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prioritized its profits over the prioritized its profits over the safety of prioritized its profits over the safety of the prioritized its profits over the safety of the American pe prioritized its profits over the safety of the American people. safety of the American people. safety of the American people. In part safety of the American people. In part because o safety of the American people. In part because of
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committed. Finance became the committed. Finance became the largest committed. Finance became the largest Cry committed. Finance became the largest Cryptocurrency committed. Finance became the largest Cryptocurrency exc committed. Finance became the largest Cryptocurrency exchange
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history. Finance employees knew and discussed history. Finance employees knew and discussed t history. Finance employees knew and discussed that the compan history. Finance employees knew and discussed that the company and discussed that the company wa and discussed that the company was serving thou and discussed that the company was serving thousands o and discussed that the company was serving thousands of and discussed that the company was serving thousands of u was serving thousands of users in was serving thousands of users in sanctioned co was serving thousands of users in sanctioned countries.
was serving thousands of users in sanctioned countries. And in sanctioned countries. And in sanctioned countries. And they kne
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$900 million in transactions be $900 million in transactions between US an $900 million in transactions between US and Iranian $900 million in transactions between US and Iranian users. between US and Iranian users. An between US and Iranian users. And between US and Iranian users. And i
between US and Iranian users. And it facilitate between US and Iranian users. And it facilitated between US and Iranian users. And it facilitated million between US and Iranian users. And it facilitated millions And it facilitated millions of And it facilitated millions of dollars And it facilitated millions of dollars i And it facilitated millions of dollars in transactio And it facilitated millions of dollars in transactions And it facilitated millions of dollars in transactions between dollars in transactions between US users dollars in transactions between US users and dollars in transactions between US users and u dollars in transactions between US users and users dollars in transactions between US users and users in Syri dollars in transactions between US users and users in Syria US users and users in Syria and US users and users in Syria and in the US users and users in Syria and in the R US users and users in Syria and in the Russian occup US users and users in Syria and in the Russian occupied in the Russian occupied Uk in the Russian occupied Ukrainian regi in the Russian occupied Ukrainian regions in the Russian occupied Ukrainian regions of Crim in the Russian occupied Ukrainian regions of Crimea.
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platform. In a February 2019 shat platform. In a February 2019 shat one complia platform. In a February 2019 shat one compliance platform. In a February 2019 shat one compliance emplo platform. In a February 2019 shat one compliance employee
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money too hard these days. Come to buy Nance. We got cake for to buy Nance. We got cake for you to buy Nance. We got cake for you by f to buy Nance. We got cake for you by failing to co to buy Nance. We got cake for you by failing to comply to buy Nance. We got cake for you by failing to comply with
you by failing to comply with US law. you by failing to comply with US law. Fin you by failing to comply with US law. Finance
you by failing to comply with US law. Finance mad you by failing to comply with US law. Finance made it easy you by failing to comply with US law. Finance made it easy for law. Finance made it easy for crimin law. Finance made it easy for criminals
law. Finance made it easy for criminals to move t law. Finance made it easy for criminals to move their stolen criminals to move their stolen fund criminals to move their stolen funds criminals to move their stolen funds and illicit criminals to move their stolen funds and illicit proceeds criminals to move their stolen funds and illicit proceeds and funds and illicit proceeds and its ex funds and illicit proceeds and its exchanges. funds and illicit proceeds and its exchanges. For its exchanges. For example,
its exchanges. For example, between its exchanges. For example, between August its exchanges. For example, between August 201 its exchanges. For example, between August 2017 in April its exchanges. For example, between August 2017 in April 20
between August 2017 in April 20 to 202 between August 2017 in April 20 to 2022. between August 2017 in April 20 to 2022. They between August 2017 in April 20 to 2022. They wer between August 2017 in April 20 to 2022. They were
between August 2017 in April 20 to 2022. They were. There we to 2022. They were. There were dire to 2022. They were. There were direct tra to 2022. They were. There were direct transfers direct transfers of direct transfers of approximatel direct transfers of approximately direct transfers of approximately 106 direct transfers of approximately 106 million direct transfers of approximately 106 million in approximately 106 million in Bitcoi approximately 106 million in Bitcoin approximately 106 million in Bitcoin fin approximately 106 million in Bitcoin finance .com Wa
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then added quote. Better to ask for forgiveness then added quote. Better to ask for forgiveness than pe then added quote. Better to ask for forgiveness than permission.
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Close quote. Over a year After be Close quote. Over a year After been Nance Close quote. Over a year After been Nance publicl Close quote. Over a year After been Nance publicly Close quote. Over a year After been Nance publicly a been Nance publicly announced been Nance publicly announced that been Nance publicly announced that it was been Nance publicly announced that it was b been Nance publicly announced that it was blocking US been Nance publicly announced that it was blocking US u that it was blocking US users an that it was blocking US users and that it was blocking US users and interna that it was blocking US users and internal that it was blocking US users and internal m that it was blocking US users and internal monthly that it was blocking US users and internal monthly company and internal monthly company report and internal monthly company report attribu and internal monthly company report attributed and internal monthly company report attributed 16% and internal monthly company report attributed 16% of its report attributed 16% of its to report attributed 16% of its total register report attributed 16% of its total registered user base total registered user base to total registered user base to the United total registered user base to the United States.
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report. Finance removed the United report. Finance removed the United States report. Finance removed the United States label. report. Finance removed the United States label. And r
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categorized US users with the la categorized US users with the label categorized US users with the label you a categorized US users with the label you and categorized US users with the label you and K W N categorized US users with the label you and K W N. categorized US users with the label you and K W N. Short f label you and K W N. Short for un label you and K W N. Short for unknown. label you and K W N. Short for unknown. In Oc
label you and K W N. Short for unknown. In October. 2020 label you and K W N. Short for unknown. In October. 2020 users unknown. In October. 2020 users
unknown. In October. 2020 users labeled unknown. In October. 2020 users labeled as unknown. In October. 2020 users labeled as you
unknown. In October. 2020 users labeled as you and Kwun labeled as you and Kwun labeled as you and Kwun represented labeled as you and Kwun represented appro labeled as you and Kwun represented approximately labeled as you and Kwun represented approximately 17% labeled as you and Kwun represented approximately 17% of represented approximately 17% of finances represented approximately 17% of finances registered represented approximately 17% of finances registered user represented approximately 17% of finances registered user base. finances registered user base. finances registered user base. Finance
finances registered user base. Finance and Sao finances registered user base. Finance and Sao profi finances registered user base. Finance and Sao profited
Finance and Sao profited signif Finance and Sao profited significantly fro significantly from their significantly from their violations significantly from their violations of federa significantly from their violations of federal law. significantly from their violations of federal law. That violations of federal law. That they
violations of federal law. That they are violations of federal law. That they are facin violations of federal law. That they are facing accountabi violations of federal law. That they are facing accountability they are facing account
2023-11-26 16:06
