US Justice investigates Binance for possible sanctions violation related to russian invasion

The US Department of Justice has opened an investigation because the exchange is alleged to have allowed Russian clients to access the platform

The world’s largest cryptocurrency exchange by trading volume, Binance, is under investigation by a major federal body of the US government.

The Department of Justice has opened an investigation to determine whether Binance allowed Russian clients to access its exchange platform and move money in violation of US sanctions related to the Russian invasion of Ukraine.

The DoJ’s national security division is conducting the investigation to determine whether the company or its executives violated economic sanctions on Russia. The investigation comes amid regulatory pressure Binance has been facing in a number of countries, including Brazil, the United Kingdom, Japan, and Singapore.

Additionally, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance alleging that it knowingly offered unregistered crypto derivatives products to US clients, in violation of federal law.

Binance accounts have also reportedly been seized in Israel for allegedly being linked to terrorist groups such as the Islamic State. Binance has affirmed that it is in full compliance with all US and international financial sanctions and has implemented know-your-customer protocols and a zero-tolerance policy for double registrations, anonymous identities and obscure sources of money.

K. Tovar

Source: Diariobitcoin

(Reference image source: Tingey Injury Law Firm, Unsplash)

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