OFAC Blacklists Binance Wallets Traceable to North Korea

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The Office of Foreign Assets Control (OFAC) has blacklisted several crypto wallets that have been linked to North Korea and were hosted on the Binance exchange. The wallets have been traced to a North Korean citizen named Sang Man Kim, who allegedly holds cryptocurrencies including Bitcoin and Ether, as well as stablecoins such as Tether's USDT and Circle's USDC. OFAC claims that at least $2 million worth of cryptocurrencies were moved through these wallets to North Korean entities and may have been used to fund weapon of mass destruction programs. Binance has since taken actions to remove such entities from its platform, after being accused of encouraging bad actors to bypass sanctions.


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