US authorities are reportedly investigating the largest crypto exchange in the world to see whether or not it has violated sanctions against Russia.
According to Bloomberg, the Justice Department is currently investigating Binance Holdings to see if the company’s crypto exchange was used by Russians to illegally circumvent economic sanctions.
The investigation reportedly looks like on whether Binance or Binance employees “colided” with sanctions against Moscow over its military adventurism in Ukraine, according to five sources who prefer not to be named.
According to the Bloomberg report, Binance says it is fully compliant with all US and international sanctions.
The crypto exchange tells Bloomberg,
“In 2021, Binance launched an initiative to completely overhaul its corporate governance structure, including bringing in a group of experienced, world-class executives to fundamentally change the way Binance operates globally.”
The exchange also says its know-your-customer (KYC) process is similar to anything in the traditional banking system, and includes mandatory disclosure of one’s residence and personal identification checks.
“Our policy enforces zero tolerance for duplicate registrations, anonymous identities, and obscure sources of funding.”
Over the course of the past few years, Binance has faced US regulators and authorities over multiple allegations, many of which were unfounded.
Earlier this year, anti-crypto Senator Elizabeth Warren and a group of other officials wrote an open letter to Binance requesting various information from the company, alleging that it purposely hung itself in smoke and mirrors to facilitate illegal activities.
Binance later responded to the senators’ claims, saying most of it came from inaccurate media reports.
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