Internal records suggest billions in transactions continued despite promises of stricter compliance controls
Binance is facing renewed scrutiny after a report revealed that several high-risk user accounts were able to move large sums of cryptocurrency even after the exchange entered into a landmark $4.3 billion settlement with US authorities. The findings raise fresh questions about the effectiveness of Binance’s post-settlement compliance reforms.
According to internal data reviewed by investigators, a network of 13 high-risk accounts processed roughly $1.7 billion in crypto transactions starting from 2021. Notably, around $144 million reportedly moved after November 2023, when Binance finalized its criminal plea agreement with US regulators. The accounts were linked to users across multiple jurisdictions, including Venezuela, Brazil, Syria, Niger, and China.
The records reportedly include KYC documentation, IP logs, device data, and transaction histories. Compliance specialists cited in the report highlighted several behaviors that would typically trigger enhanced scrutiny. One account received over $177 million within two years while changing its linked bank details hundreds of times. Another account showed rapid logins from distant global locations within hours, an anomaly experts say should prompt immediate review at regulated financial institutions.
Collectively, the 13 accounts also received about $29 million in stablecoins from wallets later frozen under anti-terrorism measures, adding to concerns about oversight gaps.
As part of the 2023 settlement, Binance committed to real-time transaction monitoring, enhanced due diligence, and regular customer reviews. US authorities previously stated the exchange had failed to report large volumes of suspicious activity tied to serious financial crimes.
The case underscores broader concerns about enforcement consistency and risk controls in global crypto markets, particularly as regulators continue to push for stronger oversight of large digital asset platforms.
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