Binance is under investigation by the US Department of Justice (DOJ) national security division for allowing Russians to use the cryptocurrency exchange in violation of US sanctions, according to a Bloomberg report published on May 5. There have been no allegations against Binance or its executives in connection with the investigation.
The news agency, the citing food unnamed source, said the national secility investigation was bebing condition in Parallel with the criminal department incisioni. ON. Binance is the subject of selectigations in the united states, Including a Probe by the us department of Justice into Anti-Money laundering (AML) violations. Binance restricted its services to Russia after sanctions were imposed on the country in April 2022. However, it continues to operate there, blocking only areas of Ukraine that are no longer under government control, and only serv ing individuals who are not sanctioned.
Binance was also accused of violating know-your-customer (KYC) and anti-money laundering regulations in a lawsuit filed by the US Commodity Futures Trading Commission in March. The company did not immediately respond to Cointelegraph's inquiries, but it told Bloomberg in a statement that it complies with US and international sanctions and that its KYC protocols are in line with those of traditional banking. Every customer is subject to identity and residency checks, it said. also:
"Our policy has zero tolerance for double registration, anonymous identities and concealed sources of funds." Additionally, Binance "has been in discussions with the US Department of Justice" about complaints that it violated previous versions of Iran sanctions, according to Bloom berg.
Binance is not the only cryptocurrency exchange facing scrutiny for sanctions violations. According to a May 1 announcement, Poloniex paid a $7.6 million settlement to the US Treasury Department's Office of Foreign Assets Control for violating sanctions on Crimea, Cu. ba, Iran, Sudan and Syria.
