Summary
TLDR: Binance failed to implement a strong AML program, allowing illicit actors to use the exchange for various illegal activities such as hiding the source of cryptocurrency, transacting in ransomware proceeds, and moving funds from darknet markets and crypto mixers.
Key Points
1. Failure to implement an effective AML program at Binance allowed illicit actors to use the exchange for various illegal activities.
2. Illicit activities included operating mixing services to hide the source and ownership of cryptocurrency, transacting in illicit proceeds from ransomware attacks, and moving proceeds from darknet market transactions, exchange hacks, and internet-related scams.
3. The filing pointed to fund movements from darknet markets and crypto mixers as evidence of Binance’s involvement in facilitating illicit activities.