News

Binance Under Investigation For Allegedly Helping Russian Citizens Transfer Money

Key Points:

  • The Justice Department is looking into whether the crypto exchange Binance was used to help Russians avoid US sanctions.
  • The investigation into the world’s biggest cryptocurrency exchange is linked to Russia’s invasion of Ukraine.
  • Binance said that it abides by all US and international banking restrictions.
According to Bloomberg, the US Justice Department is examining whether Binance was improperly exploited to allow Russians to avoid US sanctions and transfer money via the cryptocurrency exchange.
Binance Under Investigation For Allegedly Helping Russian Citizens Transfer Money 2

The investigation into the world’s biggest crypto exchange is linked to Russia’s invasion of Ukraine. The probe is being led by the Justice Department’s national security division, which is concurrent with another investigation being conducted by the agency’s criminal division. The revelation adds an additional degree of scrutiny to the operator of the world’s largest cryptocurrency exchange, which is reeling from a string of startling bankruptcies and high-profile scandals.

Binance has been in contact with the Justice Department to settle past concerns that the exchange was used to circumvent sanctions against Iran prior to the implementation of strict compliance procedures.

Authorities throughout the globe have long urged for stronger regulations on cryptocurrency exchanges, including Binance, the world’s biggest, to avoid unlawful activity ranging from money laundering to terrorist funding.

Binance confirmed to Bloomberg that it abides by all US and international banking restrictions. The company said in a statement to Bloomberg:

“In 2021, Binance launched an initiative to completely overhaul its corporate governance structure, including bringing in a world-class bench of seasoned executives to fundamentally change how Binance operates globally.”

The company’s know your customer (KYC) processes are on par with those in the conventional banking system, and every client is subject to the controls, which include checks on country of residence and personal identity.

The announcement comes as law enforcement and US officials expand their investigation of the cryptocurrency business. In a March enforcement action, the Commodities Futures Trading Commission accused Binance of willfully violating federal law and running an unlawful digital asset derivatives market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

19 minutes ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

50 minutes ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

52 minutes ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

1 hour ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

8 hours ago

This website uses cookies.