What are the consequences of not filing FinCEN Form 114 for Binance users?

1 answers

• BennAug 09, 2024 · a year ago
  As a leading cryptocurrency exchange, Binance has a responsibility to ensure that its users are aware of their obligations when it comes to filing FinCEN Form 114. Failure to file this form can result in significant penalties for Binance users. The IRS has been cracking down on non-compliance with FBAR reporting requirements, and Binance users who fail to submit the form may face civil penalties ranging from $10,000 to $100,000 per violation. In more serious cases, criminal charges can be filed, leading to fines of up to $500,000 and imprisonment for up to 10 years. It is important for Binance users to understand the potential consequences and to fulfill their reporting obligations to avoid any legal issues.
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