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Binance Under Investigation for $1.7B in Suspicious Account Transfers
Binance is in trouble again. They have to deal with new regulators looking into what they do. This is because some internal papers were made public. These papers show that Binance moved a lot of money. $1.7 Billion. Through 13 accounts that do not seem right. A big part of this money $144 million was moved after Binance paid $4.3 billion to settle a problem, in the United States in 2023. Binance has a lot to answer for with these big transfers happening after they already got in trouble and had to pay a lot of money.
The Financial Times report shows some transactions. For example someone from Venezuela sent $93 million over four years. Another account got $177 million. It was used to move money around in almost 500 bank accounts in many countries. Some other accounts also got USDT from addresses that were later frozen by officials. They thought these addresses were connected to Hizbollah and the Houthi factions that get support, from Iran.
Stefan Cassella, an United States prosecutor said that what is going on is a lot like people sending money without permission. Binance has said again that they do not tolerate activities. They have systems in place to find transactions that do not seem right transactions that are dubious. Binance really wants to stop activities, like these dubious transactions from happening on their system.
The results are coming out now because Binance is being looked at closely. This is happening after the founder of Binance, Changpeng Zhao got a pardon. Binance also got some independent overseers in 2024. The people in charge of Binance, like Changpeng Zhao are being watched carefully.
Binance is still really committed, to following the rules and working with the people who make the rules even when there are signs that say they should be careful. Binance wants to make sure they are doing everything right. Binance is working hard to make that happen with the regulators.
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