Deputy Treasury Secretary Wally Adeyemo warns that cryptocurrency companies failing to block illicit money flows risk being cut off from the broader U.S. economy.

Adeyemo emphasizes the need for crypto companies to take stronger actions in curtailing the flow of illicit finance.

The U.S. government signals its commitment to using tools across government to protect national security.

The Biden administration requests new legislation granting the Treasury authority to police crypto marketplaces associated with illicit actors.

Recent sanctions in October targeted a Gaza-based cryptocurrency exchange as part of efforts to disrupt funding for Palestinian militant group Hamas.

Binance chief Changpeng Zhao pleads guilty to breaking U.S. anti-money laundering laws in a $4.3 billion settlement.

Zhao steps down as CEO of Binance, acknowledging mistakes and admitting to violating anti-money laundering and sanctions laws.

Prosecutors allege that Binance failed to report over 100,000 suspicious transactions with organizations classified as terrorist groups.

Organizations mentioned include Hamas, al Qaeda, and the Islamic State of Iraq and Syria.

Binance responds, stating efforts to make the platform safer and more secure.