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Violation Tracker Individual Record

Company: Binance Holdings, Ltd
Current Parent Company: Binance Holdings
Penalty: $968,618,825
Year: 2023
Date: November 21, 2023
Offense Group: financial offenses
Primary Offense: economic sanction violation
Mega-Scandal: Sanctions Violations
Violation Description: Binance Holdings, Ltd., a Cayman Islands virtual currency exchange with affiliates around the world, agreed to pay $968,618,825 to settle its potential civil liability for 1,667,153 apparent violations of multiple sanctions programs administered by the Office of Foreign Assets Control (OFAC). For over five years, between August 2017 and October 2022, Binance matched and executed virtual currency trades on its online exchange platform between U.S. person users and users in sanctioned jurisdictions or blocked persons. This was part of a larger case brought by the Justice Department and other agencies (see separate entries).
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
Civil or Criminal Case: civil
HQ Country of Current Parent: Malta
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: cryptocurrency exchange
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.