US Probes Binance for Alleged Russian Sanctions Evasion
The Justice Department is investigating whether Binance Holdings Ltd., the world’s largest cryptocurrency exchange, was used illegally by Russians to evade US sanctions related to Russia’s invasion of Ukraine, according to sources familiar with the matter.
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The inquiry, led by the Justice Department's national security division, focuses on whether Binance or its company officials violated sanctions concerning Russia. This investigation runs parallel to an existing inquiry by the criminal division, adding another layer of scrutiny to the embattled exchange.
In addition to the Russian sanctions evasion investigation, Binance has also been in discussions with the Justice Department to resolve previous complaints regarding the exchange's alleged evasion of sanctions against Iran. The company has been working to implement strong compliance controls to prevent such issues from occurring in the future.
As the world's largest crypto exchange, Binance's ability to navigate these legal challenges will have significant implications for the broader cryptocurrency market.
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