Russia Sanctions Violation: A New Accusation Against Binance?

No one should reach out to the Russian invader without US permission. Binance, which is starting to not follow the instructions to the letter, is currently the subject ofan investigation by the US Department of Justice. CZ and his team risk having their ears pulled if aid is confirmed for the Russians.

Binance DOJ investigation

Immediately after the launch of Vladimir Putin’s special operation in Ukraine, several international companies decided to leave Russia to implement the series of sanctions issued by the West. Binance, which was one of the submitters, nevertheless decided to reconsider one’s decisions one year later.

In a publication dated May 5, Bloomberg reported that this move resulted in an investigation into Binance Holdings Ltd. The DOJ’s National Security Division would like to know if the crypto exchange allowed Russians to transfer money through its platform.

People familiar with the matter whispered that Russian agents used Binance to circumvent financial sanctions.

In 2021, Binance launched an initiative to completely overhaul its corporate governance structure, including bringing in a group of seasoned, world-class executives to fundamentally change the way Binance operates globally. Our policy enforces a zero tolerance approach to duplicate registrations, anonymous identities and obscure sources of money “, can we read in the report.

Should we be worried about the situation?

Former SEC executive John Reed Stark recently called on crypto investors to jump ship Binance. The vagueness that hovers around Binance and certain shady actions would have prompted him to cry foul.

It is also worth mentioning the fact that the American regulators (SEC, CFTC, DOJ…) have all their eyes on this company founded by Changpeng Zhao currently. Fortunately, the latter called on experienced lawyers from the firm Latham & Watkins to prepare for the coming legal storm.

And at the same time, Binance never misses an opportunity to improve its image in the sight of all. CZ recently pushed his company to participate in an investigation that resulted in the arrest of people accused of drug trafficking, child abuse and public corruption.

Otherwise, to retain its users, Binance recently tightened the security of its platform. From now on, even the hackers of Lazarus Group will not be able to attack it. ” We kicked their ass enough for them to recognize that Binance wasn’t the place for them. boasts Tigran Gambaryan, Binance’s financial crime compliance officer.

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