Binance Faces DOJ Probe Over Possible Breach of US Sanctions on Russia
Binance is under investigation by the US Justice Department over potential breaches of sanctions involving Russia.
The probe is centered on whether Binance or its executives violated any sanctions related to Russia's invasion of Ukraine, Bloomberg reported Friday, citing people familiar with the matter.
The criminal division of the Justice Department is spearheading the probe, with a parallel investigation being conducted by the national security team, the report said.
In a statement to Bloomberg, Binance said that it adheres fully to all sanctions enforcement and compliance guidelines.
The exchange also stated that it implements a zero-tolerance approach policy to double registrations, anonymous identities, and obscure sources of money, adding that all customers are required to go through "know your customer" protocols.
“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 statement said.
The investigation poses additional challenges to Binance, which has been in hot waters with regulators in the US and other countries as of late.
Just recently, the CFTC announced that it is suing Binance and founder Changpeng "CZ" Zhao on allegations that the crypto exchange knowingly offered unregistered crypto derivative products in the US in the transgression of the law.
The world's largest cryptocurrency exchange is also under investigation by the US Internal Revenue Service and various federal prosecutors over concerns about poor adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) controls.
Last week, Binance announced that it has exercised its
Read more on cryptonews.com
