US Treasury Sanctions Binance Wallets Linked to North Korea's WMD Programs
The US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets allegedly linked to the North Korean government, hosted on the Binance Crypto exchange. According to a statement from the US Treasury’s Office of Foreign Assets Control (OFAC), Binance wallets with ties to North Korea have been sanctioned. Moreover, OFAC claims that at least $2 million worth of cryptocurrencies was moved through wallets to fund North Korea’s weapon of mass destruction (WMD) programs.
Binance Cooperates with US Authorities
The leading crypto exchange, Binance, declared its involvement in the US Department of Treasury’s recent investigation into alleged North Korean cybercrime. Binance has revealed it “assisted US law enforcement” in seizing $4.4 million worth of crypto assets connected to North Korean cybercrime syndicates. The company revealed Binance helps US authorities stop North Korean sanctions buster but faces new allegations of commingling of funds, Hong Kong pulls the plug on stablecoins for retail investors, and new.
Binance Faces $968 Million Settlement
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $968,618,825 settlement with Binance Holdings, Ltd. (“Binance”). FinCEN's historic $3.4 billion settlement is the largest penalty in U.S. Treasury and FinCEN history. Binance admits that it willfully operated as an unregistered.
Key Takeaways: Binance, North Korea, and US Sanctions
- OFAC Sanctions: The US Treasury Department has sanctioned Binance wallets allegedly linked to North Korea.
- WMD Funding: These wallets are suspected of moving cryptocurrency to fund North Korea's weapons of mass destruction programs.
- Binance Cooperation: Binance has cooperated with US law enforcement, assisting in the seizure of assets related to North Korean cybercrime.
- Significant Penalties: The $968 million settlement highlights the severity of the alleged violations.