Bloomberg has reported that the US Justice Department’s national security division is investigating Binance. The main focus of the investigation is whether Binance let Russian users utilize the exchange in defiance of US restrictions. These penalties are connected to Russia’s invasion of Ukraine. Five people with an understanding of the situation are mentioned in the Bloomberg report.

US Justice Department Launches Inquiry into Binance Following Other High-Profile Investigations

Another prominent investigation is now being conducted against Binance, this time by the US Justice Department. The investigation comes after a joint inquiry with the Internal Revenue Service (IRS) into the world exchange in 2021. Additionally, Binance has been the subject of an investigation by the US Securities and Exchange Commission (SEC) since at least early 2022. The SEC’s inquiry focuses on Binance’s connections to the two companies that Changpeng Zhao, the company’s founder, owns. However, requests for comment from the Justice Department and the top exchange officials were not immediately fulfilled.

In reaction to the most recent US Justice Department investigation, Binance has provided Bloomberg with a statement. According to the statement, it complies fully with all financial restrictions imposed by the US and other countries. However, the US Commodity Futures Trading Commission (CFTC) sued Binance in late March 2023. In breaking federal law, the complaint claims that the exchange provided unregistered crypto derivatives for sale in the US with knowledge.

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To dismiss the charges, the top crypto exchange has emphasized that it has built the biggest compliance staff in the cryptocurrency sector. According to Tigran Gambaryan, the head of compliance, the team employs 700 people and responds to 1,300 law enforcement inquiries each week. Moreover, the exchange has emphasized the critical role this team plays in ensuring obedience to legal and regulatory regulations.

In response to concerns about compliance and regulations, Binance has made a statement that it has successfully managed to prevent North Koreans from accessing its crypto exchange. According to the statement, the top centralized exchange has been able to achieve this by taking strict measures and discouraging North Koreans from using their exchange.

Israel Seizes 190 Binance Profiles Suspected of Ties to Terrorist Groups

Additionally, Israel allegedly disclosed in early May 2023 that it had taken control of some 190 Binance profiles with suspected links to terrorist organizations, including two accounts with ISIS. It is unclear how Israel was able to seize accounts without Binance’s help, considering that Binance is not required to abide by Israeli law, and neither Israel nor Binance specifically said that it had cooperated. Keep visiting for more updates regarding the crypto industry.