US DOJ investigating Binance for potential violations of Russian sanctions

  • DOJ’s national security division is investigating Binance.
  • Binance is accused of enabling Russians to circumvent US sanctions.
  • The inquiry is focusing on both Binance and its officials.

Binance, the largest cryptocurrency by trading volume, is under investigation by the US Department of Justice (DOJ) for potential violations of Russian sanctions.

The DOJ’s national security division is investigating whether Binance was used to enable Russians to evade US sanctions and transfer money through the exchange.

Growing regulatory crypto scrutiny

The DOJ is specifically investigating whether the crypto exchange or its officials violated or assisted in violating the sanctions against Russia.

DOJ’s investigation highlights the increasing regulatory scrutiny of crypto exchanges across the world and mostly in the US as authorities kick in to prevent illegal activities.

Binance troubles in the US

It is not the first time Binance is getting investigated by US securities. On March 27, the US Commodity Futures Trading Commission (CFTC) issued a 74-page complaint labelling Ethereum (ETH), Binance USD (BUSD), Litecoin (LTC), Tether (USDT), and  Bitcoin (BTC) as commodities and also accused Binance and its CEO Changpeng Zhao of market manipulation and lack of compliance. Changpeng ‘CZ’ Zhao however came out and rejected the CFTC’s allegations against Binance and himself.

Although Binance was yet to comment on the reported DOJ investigation at press time, it has previously stated that it is committed to complying with all laws and regulations in all the jurisdictions in which it operates in. The exchange has also invested heavily in complying with Know Your Customer and Anti-Money Laundering measures to prevent illegal activities.

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