US DOJ Completes Investigation into Binance for Money Laundering
2022.12.12 08:57
US DOJ Completes Investigation into Binance for Money Laundering
Budrigannews.com – The US Division of Equity (DOJ) is approaching the culmination of its examination concerning digital money trade Binance, what began in 2018. According to a Reuters report, US prosecutors are at odds regarding whether or not the collected evidence is sufficient to bring criminal charges against the crypto exchange and its executive.
The compliance of Binance with U.S. anti-money laundering (AML) laws and sanctions is the focus of the investigation in 2018. Charges of unlicensed money transmission, money laundering conspiracy, and violating criminal sanctions were under investigation by U.S. prosecutors.
According to the report, Binance’s attorneys met with representatives from the Justice Department in recent months and argued against any criminal proceedings.
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During a prolonged market decline, Binance reportedly asserted that any criminal proceedings against them could wreak havoc on the crypto industry. According to the report, potential plea deals were discussed.
Cointelegraph was informed by a spokesperson for Binance that the Reuters report suggests that regulators are conducting a “sweeping review of every crypto company against many of the same issues” and that they have added the following:
“This nascent industry has grown quickly and Binance has shown its commitment to security and compliance through large investments in our team as well as the tools and technology we use to detect and deter illicit activity.”
Due to the stringent regulatory requirements for offering services in the United States, Binance launched the dedicated cryptocurrency exchange in July 2017. However, the 2018 investigation hampered the exchange’s progress in the United States within a year of its launch.
The crypto exchange was alleged to be a popular destination for money launderers in a separate report that was published in June of this year by Reuters. All of these claims were refuted by Binance, who argued that the report has cherry-picked data.
The exchange has received numerous warnings over the years from a variety of jurisdictions, so Binance’s compliance issues are nothing new. Despite its numerous hirings to strengthen its regulatory and compliance team, the exchange has been able to overcome compliance issues in many of those countries, with the exception of the United States.
