Binance Under Investigation by US Department of Justice for Potential Russia Sanctions Violations
According to recent reports, US authorities are investigating Binance Holdings to determine if the crypto exchange violated sanctions against Russia. The Justice Department is looking into whether Binance or its employees breached sanctions imposed against Moscow for its military activities in Ukraine. However, Binance says that it complies with all US and international sanctions and has made significant changes to its corporate governance structure to better adhere to regulations. Additionally, the exchange boasts a robust KYC process that rivals the traditional banking system and requires the disclosure of personal identification and residence. In the past, Binance has faced various allegations from US regulators and officials, including unsubstantiated claims of facilitating illicit activities. Earlier this year, the firm responded to an open letter from anti-crypto Senator Elizabeth Warren and other officials, refuting claims taken from inaccurate media reports.
Clever Robot News Desk 8th May 2023