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DEPARTMENT OF THE TREASURY
WASHINGTON, D.C. 20220
SETTLEMENT AGREEMENT
This settlement agreement (the "Agreement") with respect to COMPL-[ ] is made by and between the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and Binance Holdings, Ltd. ("Binance") and any of its assignees, parent corporations, subsidiaries, affiliates involved in the operation of the Binance.com exchange, successors-in¬ interest, and transferees (collectively referred to hereafter as "Respondent").
I. PARTIES
OFAC administers and enforces economic sanctions against targeted foreign countries, regimes, terrorists, international narcotics traffickers, and proliferators of weapons of mass destruction, among others. OFAC acts under Presidential national emergency authorities, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under U.S. jurisdiction.
Respondent's affiliates operate the largest virtual currency exchange in the world by volume. Binance's primary online virtual currency exchange is operated...
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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...