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Commentary by Steven Lofchie

The Office of the Comptroller of the Currency imposed a civil monetary penalty against a bank for failing to establish safe and sound practices with respect to its anti-money laundering operational framework and its "heightened standards" obligations.

The New York State Department of Financial Services fined and delicensed a virtual currency trading firm for numerous compliance violations of New York State's Virtual Currency Regulation.

The DOJ, OFAC, FinCEN and the CFTC settled enforcement actions against Binance, its CEO and former CCO. The coordinated settlements addressed charges against the digital asset exchange for CFTC registration failures and for violations of the Bank Secrecy Act and International Emergency Economic Powers Act sanctions programs.

Senator Cynthia M. Lummis (R-WY) and Representative French Hill (R-AR) urged the DOJ to evaluate the extent to which Binance and Tether are supporting terrorism through violations of federal law on material support to entities engaged in terrorism, applicable sanctions laws, and the Bank Secrecy Act.