Market Analysis Report (08 May 2023)

Binance is reportedly under investigation by the United States Department of Justice (DOJ) National Security Division for allegedly allowing Russians to use its platform in violation of U.S. sanctions.

No accusations have been made against the company or its executives in relation to the investigation, and the national security probe is said to be conducted alongside a criminal division investigation.

In response to sanctions imposed on Russia in April 2022, Binance limited its services within the country. However, according to a company executive, the exchange continued operations, blocking only certain areas of Ukraine no longer under government control and servicing non-sanctioned individuals.

Binance has also faced accusations of Know Your Customer (KYC) and AML violations in a suit filed by the U.S. Commodity and Futures Trading Commission in March.

In a statement, Binance claimed compliance with U.S. and international sanctions, asserting that its KYC protocols align with traditional banking standards. The company stated that every customer undergoes identity and residency checks, and it maintains a “zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.”

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/may/08/