Department of Justice Investigates Binance for Alleged Russian Sanctions Breach

2023-5-6 14:00

The U.S. Department of Justice (DOJ) is investigating whether Binance was used illegally by Russians attempting to bypass U.S. sanctions.

As Bloomberg reported on Friday, the inquiry by the Justice Department’s national security division is looking into whether Binance complied with its obligations to prevent sanctioned individuals from using the exchange in such a manner.

In its response, Binance stated that its know your Customer (KYC) protocols rival those in the traditional banking system, and every customer is required to go through the controls. The statement added:

“Our policy imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money,”

Despite the exchange’s rhetoric, Binance did recently ease up limits placed on Russian users.

After curbing its service in the country following international sanctions, last month Binance started accepting payment with Russian bank cards. It also lifted a previous ban on Russian users holding crypto worth over 10,000 euros.

Binance Exchange’s Ongoing Sanctions Headache

Recent accusations are not the first time Binance has found itself in hot water over its use by sanctioned parties.

The Justice Department is also investigating the platform over similar claims that it enabled Iranians to skirt U.S. sanctions. Like Russia, Iran is subject to sweeping economic sanctions.

In fact, these are even more total to those imposed against Russia, and cryptocurrency exchanges are effectively banned from serving Iranian citizens or businesses.

In another recent instance of Binance being used to funnel money between sanctioned parties, this week it was reported that the Israeli National Bureau for Counter Terror Financing (NBCTF) has previously seized Binance accounts in its efforts to thwart funding for terrorist groups. 

Neither authorities in the U.S. nor Israel have yet brought any charges against Binince and the firm has denied any wrongdoing. 

The main question for the Justice Department’s national security division is whether the platform itself is imbricated in sanctions evasion. However, Bloomberg reported that the probe is being carried out in parallel with an existing inquiry by the criminal division.

Binance Faces-off With U.S. Authorities

Elsewhere in the Department of Justice, Binance is being investigated over potential anti-money laundering violations.

But as BeInCrypto has reported, in December, prosecutors were still split over whether they had enough evidence to bring charges.

Additionally, the Securities and Exchanges Commission (SEC) has claimed that Binance.US offers unregistered securities services. However, once again, there is little agreement as to how to move forward with the case. And across the U.S. political and legal system, there has been little support for the SEC’s position that crypto is covered by securities law.


Finally, the Commodity Futures Trading Commission (CFTC)  filed a lawsuit against Binance in March. The CFTC started investigating Binance in 2021 over alleged unlawful trading.

Some Binance employees have since lawyered up as the commission makes its case against them.

The post Department of Justice Investigates Binance for Alleged Russian Sanctions Breach appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Russian Miner Coin (RMC) на Currencies.ru

$ 675.38 (+0.00%)
Объем 24H $0
Изменеия 24h: -3.31 %, 7d: 8.80 %
Cегодня L: $675.2 - H: $675.38
Капитализация $1.018m Rank 99999
Доступно / Всего 1.507k RMC

russian department sanctions binance justice investigates breach

russian department → Результатов: 55


U.S. Unleashes New Sanctions Against Russian Oligarchs, Bank And Crypto Miner BitRiver

The US Department of the Treasury is targeting companies, oligarchs, and bitcoin miners operating in Russia for the first time ever as the country’s conflict on Ukraine enters its third month. Treasury officials announced Thursday that the department is now pursuing the Russian commercial bank Transkapitalbank, as well as a network of more than 40 […]

2022-4-21 09:44


Russian Startup IPChain to Create Blockchain-Based Network for Copyrights

A Russian IP startup has recently signed a memorandum with officials from Uzbek capital Tashkent to integrate the blockchain technology in its copyrights platform. Andrey Krichevsky, the Russian National Intellectual Property Transactions Coordination Center (IPChain) has met with the head of Tashkent’s department of innovation, Jasur Zakhidov, in Moscow. The two decided to start the […]

2018-10-19 11:25


Фото:

Russia Researching Blockchain Technology for Military Applications; Development Grows in Local Businesses

Russia is currently looking into blockchain technology in the hope that its development could be applied in the military. Blockchain technology offers a wealth of benefits in the finance department, but the Russian army is hoping it could aid them in a variety of ways, especially in cases of cybercrime.

2018-7-22 13:29


Фото:

Russian Hackers Utilized Bitcoin’s Anonomity to Influence Election – Will It Bring ‘FUD’ to the Crypto Market?

The U. S. Department of Justice, recently, filed new charges against 12 Russian intelligence agents who hacked into the Democratic National Committee and the 2016 Clinton presidential campaign. According to a federal indictment released on July 13, 2018, the Russian hackers used cryptocurrencies like Bitcoin to mask their identities and launder money.

2018-7-16 15:59


US DOJ accuses Russian intelligence of using Cryptocurrency to fund election interference

The United States Department of Justice has indicted 12 Russian intelligence officers for their role in election interference during the run up to the 2015 presidential election. Among the accusations announced Friday by Deputy Attorney General Rod Rosenstein was that the Russian hacking operations and troll farming that famously disrupted the presidential election of 2015 […] The post US DOJ accuses Russian intelligence of using Cryptocurrency to fund election interference appeared first on ZyCrypto.

2018-7-14 11:34