The United States imposed various sanctions on Russia for its occupation of Ukraine, and one of them was for Binance to block access to its exchange for customers in Russia.
According to Bloomberg’s report, the national security division of the US Department of Justice is investigating whether Binance allowed access to its exchange for customers in Russia, in violation of the sanctions imposed by the United States.
Justice ministry spokesmen did not respond to requests for comment. However, Binance told Bloomberg:
“We are fully committed to complying with the obligations related to the sanctions imposed by the United States. As Binance, we are working to meet all legal requirements and regulations by collaborating with all judicial authorities.”
Additionally, in late March 2023, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance for allegedly offering unregistered crypto derivative products in the United States in violation of federal laws.
“Binance has created the world’s largest compliance team. This team handles approximately 1,300 law enforcement requests on a weekly basis.”Tigran Gambaryan, head of compliance at Binance
So, what is the role of the Binance compliance team?
They oversee Binance’s compliance with regulatory laws worldwide. In addition, this team is responsible for preparing and updating legal documents, preventing illegal activities, and handling law enforcement requests.
Israel seized 190 crypto accounts!
Recently, Binance claimed that it is making efforts to keep North Koreans away from the crypto exchange. Additionally, Israel had reported seizing around 190 Binance accounts since 2021 that were allegedly linked to terrorist groups.
The Israeli National Bureau for Counter Terror Financing (NBCTF) document did not provide any information on the amount of cryptocurrency seized or how the accounts were linked to the terrorist organization, Islamic State (ISIS).
You can learn the details of the news by reading our latest article.
All of these developments show that as the popularity of cryptocurrencies increases, Binance and other crypto exchanges are facing regulators worldwide more frequently. Recently, we have seen lawsuits filed against crypto exchanges, new regulations and bans imposed by countries. Experts believe that all of these regulations and bans are for the benefit of investors.