- Binance discovered an approach to keep North Koreans away from its crypto exchange.
- Last month CFTC sued Binance and CEO CZ.
In a speech held on Thursday at CoinDesk’s Consensus 2023 conference, a top compliance employee stated that Binance has discovered a way to keep North Koreans away from its crypto exchange. The head of financial crime compliance at Binance, Tigran Gambaryan, emphasized the exchange’s efforts.
He declared that his 700-member compliance team addresses 1,300 law enforcement requests every week. The US Treasury Department’s sanctions watchdog prohibited three North Koreans last week for supporting the Lazarus Group. It is a North Korean hacker outfit known for cyber thefts.
The Commodity Futures Trading Commission (CFTC) of the United States charged Binance, last month. The lawsuit, filed in the United States District Court for the Northern District of Illinois. Asserted that Binance ran a derivatives trading operation in the United States, offering trades for cryptocurrencies. Bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT), and Binance USD (BUSD), all of which are referred to as commodities in the suit. The suit further stated that, under Zhao’s leadership, the corporation urged its employees to use virtual private networks to disguise their whereabouts.
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