Binance Holdings Limited, State Sponsored Terrorism, Washington D.C., 2023

Binance Holdings Limited, a cryptocurrency exchange, pleaded guilty to state sponsored terrorism charges and agreed to forfeit $898 million in a deal with the Justice Department.

The announcement was made in conjunction with the U.S. Victims of State Sponsored Terrorism Fund, which anticipates distributing at least $940 million to victims in 2025. The fund has already paid out over $6 billion to thousands of victims and their families since its inception.

‘The Criminal Division is proud to administer the U.S. Victims of State Sponsored Terrorism Fund, which has provided more than $6 billion to victims of state sponsored terrorism since its founding,’ said Principal Deputy Assistant Attorney General Nicole M. Argentieri. ‘We are committed to prosecuting financial institutions and individuals whose anti-money laundering and sanctions violations threaten our financial system and national security.’

The U.S. Victims of State Sponsored Terrorism Fund was established by Congress and is administered by the Criminal Division’s Money Laundering and Asset Recovery Section. To date, the fund has paid out over $6 billion to victims and their families in four rounds of distributions and one round of lump-sum catch-up payments.

In addition to the fund’s distributions, Binance agreed to plead guilty to violations of the Bank Secrecy Act, money transmitting business registration requirements, and the International Emergency Economic Powers Act. The company admitted to prioritizing growth and profits over compliance with U.S. law, including by failing to register as a money transmitting business and failing to implement effective anti-money laundering controls.

The deadline for new claimants to submit applications to be considered for fifth-round payments from the U.S. Victims of State Sponsored Terrorism Fund is July 1. Claimants who were eligible for payments in prior rounds remain eligible for the fifth distribution and should not complete new applications. More information about the fund’s compensation to victims of state sponsored terrorism is available on the fund’s website at www.usvsst.com.

The Justice Department’s Criminal Division, through its Money Laundering and Asset Recovery Section’s Bank Integrity Unit, is committed to prosecuting financial institutions and individuals whose anti-money laundering and sanctions violations threaten our financial system and national security.

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