


Binance is reportedly being investigated by the United States Department of Justice (DOJ) for possible violations of Russian sanctions. Neither Binance nor its executives have been accused of any wrongdoing at this time.
TLDR:
- The United States DOJ’s national security and crime divisions are investigating Binance, one of the world's largest cryptocurrency exchanges, for possible violations of Russian sanctions.
- Binance faces several investigations in the United States, including an Anti-Money Laundering (AML) violations inquiry by the DOJ.
- Binance claimed to be fully compliant with U.S. and international sanctions and that its KYC protocols were in line with traditional banking standards.
Binance Faces DOJ Probe
Binance, one of the world's largest cryptocurrency exchanges, is reportedly being investigated by the United States Department of Justice (DOJ) for possible violations of Russian sanctions.
According to emerging reports from Bloomberg on May 5, the DOJ’s national security and crime divisions are both conducting investigations into the matter. However, neither Binance nor its executives have been accused of any wrongdoing at this time.
The national security probe is said to be running parallel to a criminal division investigation, with both inquiries focused on Binance’s provision of services to Russian clients. This development comes amidst several investigations underway in the United States related to Anti-Money Laundering (AML) violations involving Binance.
NEW: The Justice Department is investigating whether Binance was used illegally to let Russians skirt US sanctions and move money through the world’s biggest cryptocurrency exchange https://t.co/namWt0yo5g
— Bloomberg (@business) May 5, 2023
While the exchange restricted its services to Russia after sanctions were imposed on the country in April 2022, it continued to operate in the region. Binance executives claimed that they only serviced non-sanctioned individuals and blocked only areas of Ukraine that were no longer under government control. The company also faces a lawsuit brought by the U.S. Commodity and Futures Trading Commission (CFTC) alleging Know Your Customer (KYC) and AML violations in March.
Binance responded to the allegations by stating that it was fully compliant with both U.S. and international sanctions, and that its KYC protocols were in line with traditional banking. The company claimed that every customer was subject to identity and residency checks and that it maintained a zero-tolerance policy for double registrations, anonymous identities, and obscure sources of money.
Moreover, the exchange is said to be in discussions with the DOJ about previous sanctions violations against Iran. The report also highlights that Binance is not the only cryptocurrency exchange to face sanctions violation scrutiny, as Poloniex recently paid a $7.6 million settlement to the U.S. Treasury Department’s Office of Foreign Asset Control for violating sanctions against Crimea, Cuba, Iran, Sudan, and Syria.
What is Binance:
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
Where to find Binance:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News


Lucidao Unveils Bold Rebrand: Pioneering the Tokenization of Real-World Assets

The rebranding underscores Lucidao's commitment to bridging real-world assets and blockchain technology.
Decentralized Finance (DeFi) platform Lucidao has recently unveiled its new look alongside a redefined mission. With the launch of a revamped website, Lucidao is taking a significant step towards the tokenization of Real-World Assets (RWAs), strategically positioning itself as a leading force in the intersection of blockchain technology and Real-World Assets.
The core of Lucidao's transformation lies in a strategic shift – a commitment to making the tokenization of RWAs its primary mission. This goes beyond a mere rebrand; it signifies a pivotal moment for the platform, where every innovation and product creation revolves around the tokenization and digitization of real-world assets.

At the forefront of Lucidao's success is Altr, a decentralized application (dApp) that set the stage for bringing physical luxury collectibles onto the blockchain. This initiative, born out of Lucidao's governance process, showcases the vast possibilities within Lucidao's expansive vision for RWAs.
Lucidao's Approach to Empowering Stakeholders
Empowerment is a cornerstone of Lucidao's approach to asset tokenization and digitization. Lucidao token ($LCD) holders aren't just passive investors; they are active contributors shaping the platform's trajectory. This unique governance model transforms each $LCD holder into an engaged participant, with the ability to propose, debate, and enact initiatives, fostering an agile and adaptive environment.
The $LCD token plays a central role in Lucidao's ecosystem, serving as a versatile utility token integral to governance, transaction fees, and participation in Quickswap's liquidity pool farming. Recognizing the importance of community involvement, Lucidao is set to introduce a Fiat onramp on its new website, making it easier for individuals to directly acquire $LCD tokens.
Beyond Luxury Collectibles: Lucidao's Expansive Vision
Lucidao's vision extends far beyond luxury collectibles. While Altr showcased the platform's capabilities, Lucidao aims to be an ecosystem that embraces a wide array of real-world assets on the blockchain. The advantages are manifold, ranging from increased liquidity and fractional ownership to the transparency and immutability inherent in blockchain technology. The new website acts as a comprehensive guide to these transformative initiatives, illustrating Lucidao's commitment to unparalleled innovation and inclusivity.
Lucidao's bold rebrand marks a transformative chapter in the platform’s journey as it establishes itself as a pioneer in the tokenization of Real-World Assets (RWAs). The unveiling of a revamped website symbolizes a strategic commitment, not just to aesthetics, but to a profound shift where every facet of innovation orbits around the digitization of tangible assets. Through empowerment and community involvement, Lucidao propels itself as a catalyst for innovation and inclusivity, setting the stage for an innovative approach to asset management in both digital and physical realms.
About Lucidao
Lucidao is a DAO with a primary focus on the tokenization and digitization of Real-World Assets (RWAs). Originating as an independent entity, Lucidao has given life to projects like Altr through its decentralized governance model. Using the $LCD utility token for all ecosystem interactions, Lucidao is paving the way for a transformative approach to managing assets in both the digital and physical realms, providing not just access but empowerment to community members.
For more information, visit Lucidao's official linktree.
Disclaimer: This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article as part of a "Done For You" package, priced at $2999. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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