• The US Treasury has blacklisted wallets with alleged ties to North Korea, hosted by Binance.
• The wallets contained cryptocurrencies worth $2 million that were sent to North Korean entities.
• Binance has taken measures to prevent malicious activity on the platform in light of the sanction.

US Treasury Blacklists Crypto Wallets

The U.S. Treasury recently announced the blacklist of cryptocurrency holding wallets with alleged ties to the North Korean government. These wallets, hosted by the world’s largest crypto exchange, Binance, are said to have received various cryptocurrencies worth $2 million that were subsequently sent to North Korean entities.

Blacklisted Wallets Belonged To Kim Sang-Man

The wallet belonged to 58-year-old North Korean citizen Kim Sang-Man and included Bitcoin (BTC), Ethereum (ETH), Tether’s USDT, and Circle’s USDC. This raised questions about whether or not Binance actively controlled these wallets and allowed any user to acquire them from their platform.

U.S Treasury Sanctions On DPRK Cyber Activity

In a press release, OFAC stated that the Democratic People’s Republic of Korea conducts malicious cyber activities and deploys information technology for its own illegal gain such as virtual currency in order to support its weapons of mass destruction and ballistic missile programs.

Binance Takes Measures To Prevent Malicious Activity

According to blockchain data there have been no transactions from these accounts over the last year since Binance has taken measures such as firing alleged wallet accounts for attempts at circumventing transactions in order to prevent further malicious activity on their platform from taking place in light of this recent sanction by the U.S treasury.

Conclusion

In conclusion, it is clear that Binance is attempting to take steps towards preventing malicious activity on their platform however whether or not they had control over these wallets remains unclear at this time