As a seasoned crypto investor and a survivor of state-sponsored terrorism myself, I find the ongoing legal battle between the four plaintiffs and the U.S. Department of Justice (DOJ) over the Binance settlement to be of great personal interest.
Four individuals have filed lawsuits against the U.S. Department of Justice (DOJ), urging them to allocate a larger portion of the $4.3 billion settlement they received from Binance towards the United States Victims of State Sponsored Terrorism Fund (USVSST).
In their court case, the plaintiffs contended that, per the U.S. Victims of State Sponsored Terrorism Act (passed in 2015), a significant portion of any criminal or civil proceeds from settlements similar to Binance’s should be directed towards the victims’ fund.
Legal Battle Against the DOJ
The DOJ is reportedly putting approximately $900 million into the fund thus far, while it’s said that they intend to transfer at least $1.5 billion to a different account intended for crime victim assistance.
According to them, this action is considered illegal by law, leading them to apply for a court order to guarantee that any eligible earnings go to the appropriate places.
Over the past nine years, the US Victim Compensation Fund (USVSST) has distributed over $6 billion to individuals who have been personally affected by state-supported terrorist acts or their families and dependents.
As the Department of Justice (DOJ) and the Special Master oversee the fund, the lawsuit filed by four individuals implicates a broad range of high-profile defendants. Among them are the Commodity Futures Trading Commission (CFTC), as well as U.S. Attorney General Merrick Garland.
Additionally, some departments within the Treasury are brought up, such as the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).
Binance’s Role and Violations
The funds at issue stem from a settlement that Binance reached with various government bodies in November 2023, following their admission of guilt for multiple offenses such as violating U.S. sanctions and lacking proper anti-money laundering measures.
Additionally, it’s worth noting that the former head of the crypto exchange, Changpeng Zhao (CZ), conceded to charges of breaching the Bank Secrecy Act (BSA). This led to his resignation and required him to settle a penalty of $50 million.
Furthermore, a federal court in Seattle, Washington, handed down a four-month prison sentence for him, which he primarily served at the Federal Correctional Institution in Lompoc, California. He is expected to be released on September 27 as his official release date, September 29, falls on a weekend.
The accusations against Binance and its CEO were based on investigations conducted by the U.S. Department of Justice’s national security and criminal division, which uncovered that the cryptocurrency exchange had enabled Russian citizens to utilize their services. This action was in violation of sanctions imposed by the U.S. on the European country due to its ongoing dispute with Ukraine.
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2024-09-28 17:50