The U.S. Treasury blacklisted the crypto-holding wallets with alleged ties to North Korea.
Binance has faced several security breaches recently.
On May 23, the U.S. Treasury announced the blacklist of crypto holdings wallets with alleged ties to the North Korean government. According to the report, the Binance-hosted wallets received several cryptocurrencies worth $2 million that were then sent to the North Korean entities.
Treasury’s Office of Foreign Assets Control (OFAC) has blocklisted the crypto wallets that contain Bitcoin (BTC), Ethereum (ETH), Tether’s USDT, and Circle’s USDC. The wallet belonged to Sang-Man Kim, a 58-year-old North Korean citizen. The wallets were hosted by the world’s largest crypto exchange, Binance. Moreover, the question raised was whether Binance actively controlled the wallets hosted by the exchange that any user could acquire.
Binance Integrated New Policies
According to the blockchain data, there have been no transactions from these accounts over the last year. In a press release, the OFAC stated that the DPRK conducts malicious cyber activities and deploys information technology. Moreover, the worker who fraudulently gets employment to obtain revenue. That includes virtual currency to support the Kim regime and its priorities, such as unlawful weapons of mass destruction and ballistic missile programs.
The exchange Binance has faced several security breaches due to its use by some bad actors. In light of the recent sanction by the U.S. Treasury, Binance did not immediately reply to this issue.
Recently, Binance has fired alleged wallet accounts for efforts to circumvent transactions. The exchange has continuously integrated the new policies to avoid the activities taking place on this platform.