Binance Under US Investigation for Violating Russian Sanctions
The United States Department of Justice (DOJ) is set to investigate US-based cryptocurrency exchange Binance for allowing Russians to use the service of the cryptocurrency in violation of U.S. sanctions.
Binance is under DOJ investigation, as reported by Bloomberg on May 5, telling the renowned news outlet in a statement that it remains compliant with U.S. and international sanctions, and that its Know Your Customer (KYC) protocols are in-line with those of traditional banking.
In April 2022, Binance limited services to Russia following the imposed sanctions on the nation, yet the exchange has continued to operate there, only blocking areas of Ukraine that have lost governmental control.
Binance has also been under regulatory radar in March by the U.S. Commodity and Futures Trading Commission for allegedly violating KYC and anti-money laundering (AML) rules, marking yet another legal scrutiny Binance must succumb to.
Binance re-iterated to Bloomberg that its customers are subject to identity and residency checks, saying in a statement that the crypto exchange’s policy “imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.”
Sources:
https://mashable.com/article/binance-doj-russian-sanctions-probe
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