Binance's VIP users were granted a set of special privileges, including an early heads-up from the crypto exchange if they were under investigation by law enforcement, according to the U.S. Treasury's Financial Crimes Enforcement Network.
Treasury alleged in a 92-page order that Binance had "developed a process to notify VIP users if they became the subject of a law enforcement inquiry," in a setup where Binance was effectively serving as a lookout for its top-tier customers.
Members of Binance's VIP team were instructed to contact the user under investigation by "all available means" including sending texts and calling to inform customers, for example, that their account had been frozen or unfrozen.
According to the consent order, Binance's VIP team staff were warned not to be too obvious in their tips.
They will be managed by your [VIP] team.
Persons:
Changpeng Zhao, Binance, FinCEN, Binance's, — CNBC's Christina Wilkie
Organizations:
Treasury's, Treasury, . Enterprise
Locations:
U.S, United States