The US Justice Department is reportedly conducting an investigation into Binance, a leading cryptocurrency exchange, for possible violations of sanctions related to Russia. The investigation is being conducted by the department’s Money Laundering and Asset Recovery Section and is aimed at determining whether Binance has violated US sanctions against Russia.
According to anonymous sources, the investigation is still in its early stages and it is unclear what specific allegations are being made against Binance. However, the sources have stated that the investigation is focused on the exchange’s operations in Russia and whether it has facilitated transactions that violate US sanctions against the country.
Binance has not yet commented on the investigation, but the exchange has faced regulatory scrutiny in the past. Last year, the UK’s Financial Conduct Authority ordered Binance to cease all regulated activities in the country, and Japan’s Financial Services Agency issued a warning to the exchange for operating without a license in the country.
The US government has been cracking down on crypto exchanges and other businesses in the industry over the past year, with a particular focus on money laundering and other illicit activities. Binance’s potential violations of US sanctions could lead to significant legal and financial repercussions for the exchange if they are found to be true.
