Customers from Iran, Cuba and Syria — all of which face sanctions — were able to access the Binance platform.
In addition to the outlawed foreign transactions, Binance did business with firms based in the United States even though it was not supposed to have any U.S. customers on its Binance.com platform.
Instead, a different platform, Binance.US, which Mr. Zhao also owned, was required to handle the business and abide by U.S. anti-money laundering laws.
But Mr. Zhao and other Binance employees believed it would be better for the main cryptocurrency exchange to handle big U.S. customers, the court filings state.
At times, Binance has processed two-thirds of all digital currency trades, making it a vital power broker and intermediary in the crypto world.
Persons:
Zhao, Binance, —, ”
Locations:
Iran, Cuba, Syria, United States