- The US Justice Department’s division focused on national security is conducting an investigation into Binance.
- Israeli authorities have taken control of 190 crypto accounts belonging to Binance.
According to a report from Bloomberg, the US Justice Department’s national security division is investigating Binance Holdings. The investigation is focused on determining whether the cryptocurrency exchange was used unlawfully to help Russians transfer funds through it, which would be a violation of US sanctions related to Russia’s invasion of Ukraine.
In 2021, the largest exchange, Binance, faced an investigation by both the Internal Revenue Service (IRS) and the Justice Department. This was not the first time that the Justice Department took legal action against the exchange.
Since the start of 2022, the crypto exchange Binance has faced numerous difficulties. The U.S. Securities and Exchange Commission (SEC) has been looking into Binance’s affiliations with two businesses owned by its founder, Changpeng Zhao. Additionally, in March 2023, CZ’s exchange was sued by the Commodity Futures Trading Commission (CFTC) for violating federal rules.
According to Israel’s National Bureau for Counter Terror Financing (NBCTF), Israeli authorities have seized over 190 Binance cryptocurrency accounts associated with terrorist groups since 2021.
The largest cryptocurrency exchange in the world, Binance, is making efforts to offer its services to a larger audience.