Binance accused of continuing suspicious trading after 2023 agreement

According to a report by Financial Times, some suspicious accounts continue to operate on the Binance platform even after the exchange agreed to implement stricter AML(anti-money laundering) controls as part of the agreement with the US in 2023.

In November 2023, Binance reached an agreement with FinCEN and OFAC for violations of sanctions and the Bank Secrecy Act(, with total fines amounting to $4.368 billion. This agreement led to the resignation of then-CEO Changpeng Zhao, and Binance committed to five years of FinCEN oversight and to adopt stricter compliance measures.

However, leaked internal documents show that Binance still failed to prevent suspicious accounts from conducting transactions after November 2023, with some accounts transferring assets worth hundreds of millions of USD.

On November 25, 2025, Binance and Changpeng Zhao were sued in a federal court in North Dakota, accused of creating a system over six years that enabled crypto transactions related to the terrorist organization Hamas. This is the latest civil lawsuit in a series accusing the platform of facilitating transactions linked to groups designated as terrorists by the US.

Suspicious Transactions Worth $144 Million

Leaked internal data involve 13 suspicious accounts, which have conducted a total of $1.7 billion in transactions since 2021, including $144 million after the November 2023 agreement.

One account registered under a 25-year-old Venezuelan woman received over $177 million in crypto over two years after April 2022. This account changed payment information 647 times from January 2023 to March 2024, including 496 bank accounts across Latin America and North America.

Another account belonging to a 30-year-old bank employee in Caracas received $93 million from 2022 to May 2025 and transferred an equivalent amount out. Notably, IP data shows this account was accessed in Caracas at 15:56 on February 24 and in Japan at 01:30 the next day.

Leaked accounts are registered in Venezuela, Brazil, Syria, Niger, and China. From February 2022 to March 2023, these 13 accounts received a total of $29 million USDT from accounts later frozen by Israel due to links to terrorist financing, mainly from four wallets associated with Tawfiq Al-Law of Syria, accused of illegally transferring funds to Hezbollah, the Houthi group in Yemen, and companies linked to the Assad government.

Although these accounts previously moved large amounts of crypto and fiat, data suggests activity may have decreased after November 2023.

Binance Affirms Compliance

Binance stated to Financial Times that they have “a robust system to detect, investigate suspicious transactions, and take appropriate measures, including restricting accounts as required.” The report also notes no signs of Binance violating sanctions laws when executing or receiving transactions from individuals or organizations already sanctioned.

A Binance spokesperson said: “Transactions are evaluated based on available information at the time. No wallets were sanctioned when the transactions mentioned by the Financial Times took place.”

Binance also emphasized that it has operated under independent oversight since November 2023 and complies with all related financial sanctions, prioritizing compliance and user safety.

Failure to fully meet obligations under the 2023 agreement could result in additional penalties for Binance, including a suspension fine of $150 million. The agreement also requires FinCEN supervision for five years, involving monitoring remedial measures, periodic audits, and reporting results to FinCEN, OFAC, and CFTC.

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