Source: Fortune
Summary
Senator Richard Blumenthal (D-Conn.) has asked the US Justice Department and the Treasury’s Financial Crimes Enforcement Network (FinCEN) for details on the status of two monitors assigned to oversee Binance’s compliance operations. The monitors were installed as part of a 2023 settlement with Binance over compliance shortcomings. Blumenthal’s inquiry comes amid reports that Binance fired internal investigators who warned top executives about Iranian flows and concerns over the effectiveness of corporate monitorships.
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The strategy enters a familiar phase.
Binance is under scrutiny again, with Senator Blumenthal questioning the status of its monitors. The company has faced allegations of lax anti-money laundering prevention and has been accused of firing investigators who warned about Iranian flows. The monitors, installed as part of a 2023 settlement, are supposed to ensure Binance’s compliance program is overhauled. Meanwhile, the Justice Department has paused its corporate monitorships, sparking concerns about their effectiveness.
Frances McLeod and Sharon Cohen Levin, the two monitors assigned to Binance, have remained quiet amidst the controversy. Their silence is deafening.
Author: Evan Null
