New details in the deal between Binance and the US!

On December 8, former US Securities and Exchange Commission (SEC) official and lawyer John Reed Stark, who reviewed the finalized agreement, stated that the giant exchange has new obligations to US institutions. In a lengthy tweet on his X account, Stark prepared a summary version of the 11-page document.

According to the famous lawyer, US agencies will be able to access a lot of information and documents, including Binance's former employees, consultants, distributors, licenses, suppliers and joint ventures. The relevant departments of the Department of Justice will be able to closely monitor the activities of the giant exchange in case of asset distribution and money laundering.

Five-year surveillance According to the text of the agreement, the US Financial Crimes Enforcement Network (FinCEN) will monitor Binance's economic activities for five years. FinCEN will have the right to impose heavy fines on the crypto trading platform if it detects a rule violation.

Binance, which has faced investigations from several US agencies in the past, has agreed to pay a $4.3 billion fine, admitting to violating money laundering and terrorist financing laws. As a result of the agreement, the exchange's founding CEO Changpeng Zhao resigned and was replaced by Richard Teng, who previously held senior positions at Binance.

Although the giant exchange settled with the US Department of Justice and other agencies, the Securities and Exchange Commission (SEC) did not withdraw its own investigation, as it was not in this scope.