Introduction
Binance.US is a digital asset trading platform that allows clients to securely trade more than 150 different cryptocurrencies. While Binance.US is considered a non-bank financial institution, we are still required to register as a Money Services Business (“MSB”) with the Financial Crimes Enforcement Network (“FinCEN”), which we did on June 11, 2019 before launching operations on September 24, 2019. Binance.US also maintains Money Transmitter Licenses (“MTLs”) in the various states where it has registered and legally operates, and is required to comply with Anti-Money Laundering (“AML”) regulations established by the Bank Secrecy Act (“BSA”), which was amended after the 9/11 terrorist attack on the U.S. to require a Customer Identification Program (“CIP”) as part of the USA PATRIOT Act.
Compliance by Design
Since its inception, Binance.US has been committed to having an effective compliance program that meets or exceeds all applicable legal and regulatory requirements, industry standards, and business guidelines as part of the operations and management of our business. This includes having in place end-to-end BSA/AML controls, from Know Your Customer (“KYC”) and Know Your Business (“KYB”) due diligence, including Sanctions and other screenings, during the onboarding process for new customers to ongoing, real-time transaction, trade, and blockchain monitoring for existing customers. It also includes complying with local money transmitter laws in the states and territories where Binance.US holds MTLs.
Public-Private Partnerships
Today, Binance.US partners with regulators at every level of government, leading with transparency and operating in good faith with sound judgment to support the prevention of money laundering and fraud being used to support terrorism or other illicit activities. Additionally, Binance.US’s Investigations, Risk, and Compliance teams regularly partner with local law enforcement and government agencies (state and federal) to support agents with specific crypto-related criminal investigations and to provide general crypto and blockchain-related training to larger groups and departments.
Effective Compliance Program
Binance.US understands that effective compliance is achieved through a robust control framework that can be broken down into five core pillars. For our BSA/AML and Sanctions compliance program, we have the following controls in place:
BSA/AML and Sanctions Compliance Program | ||
Pillar | Core Requirements | Binance.US Controls |
Governance |
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Controls |
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Training & Awareness |
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Data & Record Keeping |
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Monitoring & Testing |
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Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US shall not be liable for any consequences thereof.
Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. Binance.US is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. Please refer to our Terms of Use for more information.
Binance.US reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.