According to Bloomberg, the U.S. Department of Justice (DOJ) is looking into Binance, the biggest cryptocurrency exchange in the world, for its possible involvement in even more illegal behavior.
This time, U.S. authorities are investigating the platform’s use by Russian agents to circumvent financial sanctions.
Inflicted on the nation in 2022 for invading Ukraine, Russia has allegedly been transferring funds via Binance. The article quotes five persons who are said to be in the know. The probe is being run by the DOJ’s national security section.
The U.S. government has been unable to ascertain whether Russia used the Binance platform or whether a Binance employee assisted Russia in evading sanctions.
As reported last year, the criminal investigation into the largest exchange in the world could result in charges of anti-money laundering violations against the company and its senior executives. The company is presently in discussions with the DOJ and U.S. authorities to resolve these allegations, including the possibility that U.S. adversaries are using its services to circumvent sanctions.
The report cites a company’s statement on these investigations and its compliance with international law: In 2021, Binance introduced an initiative to entirely revamp its corporate governance structure, including the recruitment of a team of seasoned executives of the highest caliber to profoundly alter how Binance operates globally. Our policy has zero tolerance for double registrations, anonymous identities, and obscure sources of income.
Virtually all significant U.S. regulators are keeping a close watch on Binance for similar reasons, but the exchange continues to work to improve its reputation. Today, Changpeng Zhao, founder, and CEO of Binance, celebrated the company’s participation in an investigation that resulted in the apprehension of perpetrators accused of child abuse, drug trafficking, and public corruption.
The crypto exchange has released a six-part video detailing the exchange’s collaboration with law enforcement on a global scale. Tigran Gambaryan, the company’s chief of Financial Crimes Compliance, stated the following regarding the ties between crypto and illicit activities:
“The notion that crypto is anonymous and therefore facilitates illegal activity is in fact false. Since all trades are recorded in the public ledger, there will always be proof of what really transpired. Investigators utilizing investigative tools, investigative authority, and legal authority to request information have, in many instances, an easier time identifying who is conducting these activities than they would in a conventional financial investigation.”
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