Binance, the world’s largest cryptocurrency exchange, is under investigation by the U.S. Department of Justice (DOJ) for allegedly helping Russian agents circumvent financial sanctions.
According to a Bloomberg report, the DOJ’s national security division is leading the investigation.
Since 2022, Russia has been under financial sanctions for invading Ukraine. The DOJ is investigating whether the country has been using Binance to move money in violation of these sanctions.
So far, the authorities have been unable to determine whether Russia used the platform or whether someone inside Binance helped the country to avoid sanctions.
This isn’t the first time Binance has come under scrutiny from U.S. authorities. Last year, the company and its top executives were investigated for anti-money laundering violations.
The DOJ is conducting another investigation into whether U.S. adversaries are using the platform to circumvent sanctions.
Binance has been working to overhaul its corporate governance structure and comply with international law. The company has a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.
Binance’s CEO, Changpeng Zhao, recently celebrated the company’s involvement in an investigation that arrested perpetrators charged with child abuse, drug trafficking, and public corruption.
Binance’s head of Financial Crimes Compliance, Tigran Gambaryan, stated that crypto is not anonymous and actually leaves a permanent record of transactions, making it easier for investigators to identify who is conducting illicit activities.
