Binance let suspicious accounts move millions after $4.3B US plea deal: Report

A Financial Times review of internal data suggests Binance continued to permit suspicious accounts to move significant funds even after agreeing to tighten controls as part of its $4.3 billion US criminal settlement in November 2023. A network of 13 user accounts processed about $1.7 billion in transactions from 2021, with roughly $144 million moving after the plea agreement. The files revealed highly suspicious activity, such as one account linked to a Venezuelan woman receiving $177 million and changing bank details 647 times in 14 months, and another account showing physically impossible access patterns between Caracas and Osaka. Regulatory specialists cited in the report question the effectiveness of Binance's promised governance and surveillance upgrades. An expert noted that such persistent red flags point to an oversight challenge, emphasizing the need for robust governance and screening. Furthermore, these 13 accounts collectively received about $29 million in USDT from wallets later frozen by Israel under anti-terrorism laws. This report follows Binance's 2023 promise to implement enhanced due diligence following revelations that the exchange failed to report over 100,000 suspicious transactions linked to illicit activities.

(Source：Cointelegraph)