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Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department (www.businessinsider.com)

submitted 1 year ago by [email protected] to c/[email protected]

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Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department::"Can barely buy an AK-47 with 600 bucks," a Binance compliance staffer told his boss in 2019, per regulators.

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[–] [email protected] 28 points 1 year ago (16 children)

How do those companies pay these gigantic fine? $4 billion wire transfer? Does the bank even allow wiring that huge amount of money? Monthly Installment? Trucks carrying palettes of money?

[–] stifle867 27 points 1 year ago (11 children)

The balance is kept at a bank and the banks have ledgers with the reserve bank who in turn adds $40B to the asset column and negates $40B from the liabilities column. That's the basic version. Nothing changes hands per se. It's just 1s and 0s on a computer.

[–] [email protected] 22 points 1 year ago* (last edited 1 year ago) (7 children)