US authorities suspected Binance of violating sanctions against Russia
Two departments of the Ministry of Justice at once are investigating the exchange’s activities
08.05.2023 - 08:20
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3 min
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What’s new? The US Department of Justice is investigating whether crypto exchange Binance was used to circumvent sanctions against Russia, Bloomberg reports citing its own sources. A new investigation into the company and its officials is reportedly being conducted by the Department of Homeland Security in parallel with an earlier investigation by the department’s criminal division. Binance has also been in talks with the ministry over past allegations against the exchange related to circumventing sanctions against Iran.
What else is known? Binance has stated that it is in full compliance with all US and international financial sanctions. In 2021, the exchange began overhauling its corporate governance structure and brought in experienced world-class executives to fundamentally change the way it operates globally. A Binance spokesman added that the company “imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.”
In March, the US Securities and Exchange Commission (SEC) called Binance a “shadow bank” and senators demanded documents about the exchange, calling it a “hotbed of illegal financial activity.” Binance dismissed, but did not directly deny, the politicians’ concerns.
Binance announces the legality of the seizure of 190 user accounts of the exchange by the Israeli government
Representatives of the platform stressed that they work in full compliance with regulatory requirements
That same month, the Commodity Futures Trading Commission (CFTC) accused Binance of providing services to Americans. There is a separate Binance.US platform for US citizens. Zhao denied the allegations and called the lawsuit “unexpected and disappointing” because Binance had been working with the CFTC for more than two years.
In early May, Binance told of the erroneous blocking of Iranian accounts due to US sanctions. It took some users months to prove residence outside the country and regain access to their accounts and funds.
In March, FT reporters reported that Binance continued to work with the PRC after announcing its withdrawal from the country in late 2017.
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