US authorities are reportedly probing the largest crypto exchange in the world to see whether or not it violated sanctions against Russia.
According to Bloomberg, the Justice Department is currently investigating Binance Holdings to see whether the firm’s crypto exchange was used by Russians to illegally skirt economic sanctions.
The investigation reportedly looks at whether Binance or Binance employees “ran afoul” of sanctions imposed against Moscow for its military adventurism in Ukraine, according to five sources who preferred not be named.
Per the Bloomberg report, Binance says that it is fully compliant with all US and international sanctions.
The crypto exchange tells 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 exchange also says that it’s KYC (know-your-customer) process rivals anything in the traditional banking system, and includes a mandatory disclosure of one’s residence and personal identification checks.
“Our policy imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.”
Over the course of the last several years, Binance has faced US regulators and authorities over multiple allegations, many of which were unsubstantiated.
Earlier this year, anti-crypto Senator Elizabeth Warren and a group of other officials wrote an open letter to Binance requesting various information from the firm, alleging that it was purposely cloaking itself in smoke and mirrors to facilitate illicit activity.
Binance later responded addressing the claims from the senators, saying that most of it was was taken from innaccurrate media reports.
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- Source: https://dailyhodl.com/2023/05/07/justice-department-investigating-binance-for-potential-violation-of-russia-sanctions-report/
