Binance is under investigation by the United States Department of Justice (DOJ) national security division for allowing Russians to use the cryptocurrency exchange in violation of U.S. sanctions, according to a report that appeared in Bloomberg on May 5. There have been no accusations against the company or its executive in connection with the investigation.
The national security probe is being carried out in tandem with a criminal division investigation, the news service said, citing five unnamed sources. Binance is the object of several investigations in the United States, including a DOJ inquiry into Anti-Money Laundering (AML) violations.
Binance limited services to Russia after sanctions were imposed on the country in April 2022. Still, it continued operating there, blocking only areas of Ukraine that were no longer under government control and servicing only non-sanctioned individuals, according to a company executive speaking to Cointelegraph.
The Justice Department is investigating whether Binance was used illegally to let Russians skirt US sanctions and move money through the world’s biggest cryptocurrency exchange https://t.co/AVgG55iSmx
— Bloomberg Crypto (@crypto) May 5, 2023
Binance has also been accused of Know Your Customer (KYC) and AML violations in a suit brought by the U.S. Commodity and Futures Trading Commission in March.
Related: Brazilian authorities investigate Binance for guiding clients past stop order: Report
The company did not reply...
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