Settlement Agreement (OFAC) - Binance Holdings, Ltd.

Date issued: Nov. 21 2023

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TURBOFAC Commentary (161 words)

Notes:

1) See comments to Enforcement Release: Binance Holdings, Ltd. for comments on Enforcement Release: Binance Holdings, Ltd., Settlement Agreement (OFAC) - Binance Holdings, Ltd. and Plea Agreement & Statement of Facts - Binance Holdings, Ltd..

2) Note that while the “Terms of Settlement” (Section IV) sections of OFAC settlement agreements tend to be relatively boilerplate, this one differs from the norm in a few notable respects. They include (i) the “breach provisions” that allow OFAC to seek a higher penalty in connection with the same violations that are the subject of the agreement if “in its sole discretion” OFAC determines that a material breach of the agreement as occurred, (ii) over 90% of the total penalty assessed being “deemed satisfied” by payments in satisfaction of Binance’s obligations under its plea agreement with the...