The U.S. Treasury will retain access to Binance's books, records, and systems for five years

ChainCatcher News, the U.S. Department of the Treasury stated in its settlement announcement with Binance that the Financial Crimes Enforcement Network (FinCEN) will impose a $3.4 billion civil penalty on Binance, in addition to a five-year regulatory oversight period, and will require significant compliance commitments, including ensuring that Binance completely exits the U.S. market.

The OFAC settlement agreement, in addition to imposing a $968 million fine on Binance, also requires Binance to comply with a series of strict sanctions compliance obligations, including fully cooperating with regulatory agencies overseen by FinCEN. To ensure Binance fulfills the settlement terms (including not providing services to U.S. persons) and to ensure that illegal activities are addressed, the Treasury will retain access to Binance's books, records, and systems for monitoring over the five-year period. Failure to meet these obligations could expose Binance to substantial additional penalties, including a $150 million deferred fine, which FinCEN will impose if Binance fails to comply with the required compliance commitments and regulatory terms.