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.

  • stifle867@programming.dev
    link
    fedilink
    English
    arrow-up
    11
    ·
    11 months ago

    They should use a portion of these funds to setup specific task forces to dig deeper into the company and provide oversight indefinitely. $4.3B is a lot of money, you could fund an agency forever and still have change.

    • kautau@lemmy.world
      link
      fedilink
      English
      arrow-up
      7
      ·
      11 months ago

      laughs in less than two weeks of pentagon funding

      For what it’s worth I agree with you, but the money we spend on many agencies is wild

      • stifle867@programming.dev
        link
        fedilink
        English
        arrow-up
        4
        arrow-down
        1
        ·
        edit-2
        11 months ago

        Haha yes, the Pentagon has probably “lost” more money than the totality of all fines.

        It’s just an idea I had, rather than directly spending out of a budget it would be a way to be self sustaining. If there is no wrongdoing then by its nature the funding would dry up and be self-cancelling. On the other hand it could generate further revenue if allowed to continue investigating.

        • JJROKCZ@lemmy.world
          link
          fedilink
          English
          arrow-up
          8
          ·
          edit-2
          11 months ago

          The problem is that the auditors will ALWAYS find wrongdoing, even if it doesn’t exist. If their funding (and therefore their jobs) depend on fines on offending organizations, then everyone is getting found to be fraudulent

          • stifle867@programming.dev
            link
            fedilink
            English
            arrow-up
            1
            arrow-down
            2
            ·
            11 months ago

            That’s definitely a real problem that would need to be considered. I’m sure it has been in great length. My gut feeling says it’s workable though and the problem being more political than technical.

        • kautau@lemmy.world
          link
          fedilink
          English
          arrow-up
          3
          arrow-down
          1
          ·
          11 months ago

          I’m in full agreement. Crypto was touted as this “untraceable currency” and, surprise, it became used for nefarious means. We need more regulation on this stuff, not less, because as much as the “everyday joe” who got into crypto “because his nephew taught him about it” doesn’t want the government spying on him, really it’s massive fund transfers and money laundering for bad actors that it seems to benefit the most.

          • stifle867@programming.dev
            link
            fedilink
            English
            arrow-up
            2
            arrow-down
            1
            ·
            11 months ago

            Especially once you’ve been found or pleaded guilty. If a person commits a crime of this magnitude and they go to jail, they would have probation upon release. Maybe there should be some kind of corporate probation policy? Not something up for negotiation.

    • Dr. Moose@lemmy.world
      link
      fedilink
      English
      arrow-up
      4
      arrow-down
      1
      ·
      11 months ago

      Implying they do this for truth and justice. US just doesn’t want anyone to eat their cake.

    • JJROKCZ@lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      ·
      11 months ago

      4.3B doesn’t last as long as you think, especially once you need to staff 100’s of people, the equipment and tech they need to work, office building(s) for them. Especially if you put that office and staff on either coast. They’ll burn that in 3 years tops

      • stifle867@programming.dev
        link
        fedilink
        English
        arrow-up
        1
        ·
        11 months ago

        Would they need all those resources dedicated to just one company? I feel like they wouldn’t have spent anywhere near $4.3B. Considering the investigation was started in 2021 so let’s say 2 years or $3B. It seems extremely unlikely and even more than 1 order of magnitude off.