U.S. legal authorities have mandated rigorous regulatory measures for the Binance cryptocurrency exchange, suggesting oversight for a duration of up to five years. This directive follows Binance's acknowledgment of its failure to comply with U.S. regulations against money laundering and adherence to sanctions, agreeing to a hefty fine potentially amounting to $4.3 billion.
Reported by Bloomberg, these oversight strategies were outlined in a sentencing document submitted to a Seattle federal court by the prosecutors. The aim is to guarantee Binance's compliance with legal norms and to set a precedent for regulatory adherence within the wider cryptocurrency industry. Highlighting the gravity of Binance's infractions, including transactions facilitated for entities such as Hamas, prosecutors are advocating for stringent consequences,
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First found on: Binance Faces Intensive Oversight: U.S. Prosecutors Propose Five-Year Monitoring
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