Cryptocurrency exchange Binance could face US Justice Department sanctions for Russian violations.
The exchange has to determine whether Russian users are trading illegally. If Binance fails to resolve this situation, it may face US Department of Justice sanctions.
Sanctions on Binance Due to Russian User Violations
The US Department of Justice (DOJ) said it would investigate whether Russians illegally accessed the stock market. Neither the executives nor the stock market have been charged with a crime by the DOJ.
According to sources familiar with the matter, the Justice Department is investigating whether Binance Holdings Ltd. was used illegally to allow Russians to circumvent US sanctions and move money on the stock market.
An investigation by the Department of Justice’s national security division is looking into whether Binance or company officials are in conflict with sanctions related to Russia’s invasion of Ukraine.
One of the sources said the previously unreported investigation is running parallel to an existing investigation by the criminal agency. As the industry is shaken by a string of stunning bankruptcies and high-profile scandals, a new review comes to the operator of the crypto exchange.
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