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Binance

Former SEC Official Exposes Binance As ‘Big Crypto Cartel’ In Scathing Verdict

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a scathing critique, former US Securities and Exchange Commission (SEC) official John Reed Stark has brought attention to the alleged criminal violations of cryptocurrency exchange Binance and its CEO, Changpeng Zhao (CZ). 

Stark’s comments shed light on the serious ramifications of these alleged violations, dismissing attempts by what he refers to as the “Big Crypto Cartel” to “downplay” the significance of the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), and Commodity Futures Trading Commission (CFTC) prosecutions.

Binance Accused Of Facilitating Crime

In his remarks on X (formerly Twitter), Stark emphasizes that the charges against Binance and CZ extend far beyond mere “grift and chicanery”. According to Stark, they encompass matters of “life, death, murder, child sex abuse, and other forms of mayhem”, highlighting the severity of the allegations. 

Related Reading: 100,000 Koreans To Test New Digital Won In Central Bank’s Pilot CBDC Program

One crucial point Stark raises is the alleged failure of Binance to implement comprehensive programs to prevent and report suspicious transactions involving terrorists, ransomware attackers, money launderers, and other criminals. 

Stark specifically mentions the failure to identify and report transactions associated with terrorist organizations such as Al Qaeda, ISIS, Hamas’ Al-Qassam Brigades, and Palestinian Islamic Jihad (PIJ). 

By neglecting anti-money laundering (AML) and sanctions obligations, Binance is accused of enabling illicit actors to conduct transactions freely on its platform, even facilitating transactions involving child sexual exploitation material and darknet markets.

Trades Involving Sanctioned Individuals

Stark further highlights Binance’s alleged failure to report over 100,000 suspicious transactions, including those associated with ransomware attacks, terrorist financing, and illicit activities on the darknet. 

Despite being one of the largest recipients of ransomware proceeds, Binance purportedly failed to report these transactions to the appropriate authorities, according to Stark. 

Related Reading: FTX Moves $36 Million In Polygon, Avalanche Tokens In Last 24 Hours – What’s Going On?

Moreover, the exchange allegedly played a role in facilitating transactions involving illegal narcotics, counterfeit goods, fraud-related activities, and other contraband.

Stark further suggests that the seriousness of “Binance’s violations” is underscored by the staggering $4.3 billion payment it was compelled to make to the US government. Stark claimed: 

This mammoth settlement reflects the egregious nature of Binance’s conduct, the high volume of its transactions, and senior management’s involvement. Between August 2017 and October 2022, Binance executed more than 1.67 million virtual currency trades on its Binance.com platform between U.S. persons and users in sanctioned jurisdictions and blocked persons. 

Overall, Stark’s remarks paint a grim picture of the exchange’s alleged activities, characterizing it as a global felonious enterprise responsible for a devastating crime wave. 

Binance
BNB’s sharp drop over the past days on the daily chart. Source: BNBUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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