Binance is reportedly facing a US probe for violating sanctions against…

Binance is reportedly facing a US probe for violating sanctions against…


crypto giant Binance Holdings Ltd BNB/USD faces a US Department of Justice investigation into possible violations Sanctions imposed on Russia.

According to Bloomberg reportAuthorities are investigating whether Russians used Binance to circumvent US sanctions and move funds through the crypto exchange.

The agency is also investigating whether Binance is violating sanctions related to the Russian invasion of Ukraine, Bloomberg reported.

According to the publication, Binance is already in talks with authorities to resolve previous complaints alleging the company was used to circumvent sanctions against Iran.

Also read: Binance’s CZ says he doesn’t understand meme coins the way Elon Musk does

In a statement to Bloomberg, Binance said the company is fully compliant with all financial sanctions.

“In 2021, Binance embarked on an initiative to completely overhaul its corporate governance structure, including the appointment of a world-class bank of experienced executives, to transform the way Binance operates globally,” the statement said.

Binance has said that the company’s “know your customer” protocols rival those of the traditional banking system and that each customer must go through the controls, which include verification of residence and personal identity.

Meanwhile, Israeli authorities confiscated almost 190 cryptocurrency accounts on Binance in January in an attempt to “disrupt the activities” of the Islamic State in Iraq and Syria and “hinder its ability to achieve its goals,” according to the Israel National Terrorist Financing Office.

Now read: AI-supported smear campaign? Binance reportedly says it is a victim of ChatGPT’s algorithms

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