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Binance would have allowed suspicious accounts to move millions after a court agreement in the USA.$BNB
Binance allowed a network of 13 high-risk accounts to move USD 1.7 billion in cryptocurrencies, including USD 144 million, following its court agreement in the United States in 2023, according to the Financial Times.
Binance would have continued allowing suspicious accounts to move funds in cryptocurrencies even after the platform committed to strengthening controls as part of its USD 4.3 billion criminal settlement in 2023.
According to internal data reviewed by the Financial Times, a network of 13 user accounts processed around USD 1.7 billion in transactions since 2021, including approximately USD 144 million after the court agreement in November 2023.
Reports indicate that the files include "Know Your Customer" (KYC) documents, IP and device logs, and transaction histories from users in countries such as Venezuela, Brazil, Syria, Niger, and China.
Regulatory and anti-money laundering specialists cited by the Financial Times stated that the findings raise new questions about the effectiveness with which Binance has implemented the promised governance and oversight improvements to U.S. authorities following the settlement.
Binance has not provided any comments to Cointelegraph at the time of publication.
💥 Suspicious account behaviors.
In one case, a Binance account linked to a 25-year-old Venezuelan woman received over USD 177 million in two years and changed its linked bank details 647 times in 14 months.
Former prosecutors told the Financial Times that this type of activity would typically be considered very suspicious and potentially consistent with an unregistered money transfer business.
