REGULATION

The most severe financial sanctions! The U.S. fires a shot at Binance and the cryptocurrency industry: Non-compliance will come at a cost, this is America's warning!

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The most severe financial sanctions! The U.S. fires a shot at Binance and the cryptocurrency industry: Non-compliance will come at a cost, this is America

"In order to provide services to U.S. users, you must comply, or else face consequences." Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, and Deputy Attorney General Lisa Monaco jointly attended a press conference hosted by the Department of Justice.

The US Cracks Down on Binance and the Crypto Industry: Non-compliance Comes with Consequences

Several government officials have described Binance's willful violation of the law by illegally offering services in the US and failing to comply with anti-money laundering and anti-terrorist financing regulations.

They stated that Virtual Asset Service Providers (VASPs) benefit greatly from the US market and must adhere to US regulations. This includes exchanges, DeFi protocols, and all entities within the crypto industry. Regulators will delve into the darkest corners of the industry to root out illicit activities.

CFTC Chairman Rostin Behnam strongly criticized Binance for turning a blind eye to illegal activities on its platform, including funding terrorist actions.

They also emphasized that the enforcement actions against Binance serve as a warning to all service providers catering to the US. The US will continue to monitor Binance closely.

The crypto industry intersects with national security and corporate crime. The use of decentralized emerging technologies to facilitate criminal activities and fund terrorist actions is unacceptable.

Treasury Secretary Janet Yellen also stated that cryptocurrency exchanges are financial institutions and must comply with financial regulations to protect US investors.