Binance Confirms Settlements With US Government Over FCAT Allegations
Binance, one of the world’s biggest cryptocurrency exchanges, has verified its cooperation with the US authorities over the exchange’s alleged refusal to notify suspicious transactions.
In a statement made on April 19, 2019, Binance claimed they resolved with the US authorities on FCAT claims by paying them $100 million in penalties.
The action comes after New York Attorney General's (NYAG) Letitia James launched a lawsuit against Binance its its parent firm, Binance Labs. According to her office, this action was brought under the state’s Financial Fraud Prevention Act (FFPA). The NYAG has tried to collect $1 million every day from January 15th until a business produced a settlement deal.
In their statement, Binance stated they confirmed that we will work closely with FinCEN [Financial Crimes Investigations Network], including submitting all required documents and data requested by FinCEN within the given time frame requested by FinCEN. In addition, we supplied them full access to any necessary information pertaining to our business and blockchain technology.
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