Luetkemeyer Responds to Binance Settlement
Washington, November 22, 2023
Tags: Financial Services
Congressman Blaine Luetkemeyer (MO-3), Chairman of the Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, released the following statement regarding Binance founder Changpeng "CZ" Zhao pleading guilty to breaking sanctions and money-transmitting laws.
"While I believe a harsher punishment is required, these are exactly the activities FinCEN and OFAC should be pursuing. Changpeng Zhao represents the worst of the crypto industry. Anyone who aids the most evil people on the planet in funding terrorism and other crimes against humanity is the enemy of the United States and belongs in prison,” Rep. Luetkemeyer said. “The crypto space has produced amazing new technologies and holds great promise in cross-border payments and data management. As is the case with all industries, U.S. policies should promote innovative crypto companies that expand financial access to honest, hardworking people. However, there is no place here for any individual or company that aids tyrants and campaigns of terror."
Binance facilitated money laundering from countries including Russia and Iran. Zhao agreed to pay a $50 million fine while Binance faces a $4.3 billion penalty.
Read the U.S. Treasury’s full release HERE.