Story perspectives

Binance Under Fire: $1.7B in Suspicious Transactions Uncovered

12/23/2025

Summary

Story summary

Binance faces scrutiny for processing suspicious transactions despite a $4.3 billion plea deal in 2023.
A Financial Times investigation found 13 flagged accounts moved $1.7 billion, with $144 million post-settlement.
Some accounts linked to terrorist financing showed red flags such as impossible logins and frequent bank details changes.
Critics say Binance's compliance measures remain inadequate and governance is at issue.
U.S. President Donald Trump pardoned Changpeng Zhao, former Binance CEO.

History

Historical Context

The 2008 financial crisis prompted the Dodd-Frank Act to enhance financial transparency and compliance. Founded in 2017, Binance, the largest cryptocurrency exchange, has faced scrutiny for its regulatory practices, processing $1.7 billion in flagged transactions. In November 2023, Binance pleaded guilty to multiple charges, including money laundering, and was fined $4.3 billion, underscoring ongoing challenges in cryptocurrency regulation.

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Story summary

Binance faces scrutiny for processing suspicious transactions despite a $4.3 billion plea deal in 2023.
A Financial Times investigation found 13 flagged accounts moved $1.7 billion, with $144 million post-settlement.
Some accounts linked to terrorist financing showed red flags such as impossible logins and frequent bank details changes.
Critics say Binance's compliance measures remain inadequate and governance is at issue.
U.S. President Donald Trump pardoned Changpeng Zhao, former Binance CEO.

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