U.S. Treasury Department: Binance gives VIP users the privilege of receiving advance notice when they are under investigation by law enforcement agencies

Odaily News The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) stated that VIP users of Binance are granted a series of special privileges, including receiving advance notice when being investigated by law enforcement agencies. According to FinCEN, the process is relatively simple, and Binance VIP team members are instructed to contact users under investigation through all available means, including sending text messages and making phone calls to inform customers that their accounts have been frozen or unfrozen. In response, FinCEN warned Binance VIP team staff not to be too obvious in their prompts. Binance told the VIP team: “In accordance with FinCEN’s order, under no circumstances can we give a strong hint and directly ask users to run/exit, otherwise we will be sued or held personally liable. For example, if your account is unlocked /Your account has been investigated by Two to three quarters,” adding that “there is therefore a significant business incentive for Binance” to do its best to support these VIP users. Although rules prohibit Americans from trading on the platform, American users represent a significant portion of the VIP user base, sometimes accounting for 20% of all trading fees on the exchange. (CNBC) Previously, Binance and its CEO CZ pleaded guilty to criminal charges of anti-money laundering and violation of U.S. sanctions, including allowing transactions with terrorist groups such as Hamas, as part of an agreement with the U.S. Department of Justice. as part of a comprehensive agreement to keep the company operational. Binance agreed to plead guilty and pay a fine of more than $4 billion. CZ agreed to resign and pay a $50 million fine as part of the settlement, which he pleaded guilty to in a Seattle courtroom on Tuesday. The agreement includes the participation of the U.S. Treasury Department and the Commodity Futures Trading Commission and ends a years-long investigation into the cryptocurrency exchange. The negotiated settlement will resolve all allegations of criminal misconduct.