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Binance US

U.S. To Reportedly Charge Binance For Money Laundering

Kent Tenix
by Kent Tenix
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto world is still reeling from the financial collapse of the Sam Bankman-Fried empire, FTX. With major exchanges taking proactive measures to prevent an imminent implosion, no one is certain how long this storm will last.

The ripple effect of this lack of credibility from FTX has led many centralized exchanges to murky waters. For instance, Gemini has downsized its staff to make up for deficits with the fear index high in the market. 

Due to the gross misappropriation of funds – in the past, the scrutiny is now more than ever on exchanges.

Binance – the largest cryptocurrency exchange in the world, is now in the eye of the storm. The United States Department of Justice; is divided on its decision to charge the exchange. 

Another Crypto Saga Brewing?

According to Reuters, the United States federal prosecutors asked Binance to Provide its internal records on anti-money laundering checks, presented in a written request in 2020.

The investigation began in 2018, focusing on Binance’s compliance with U.S. anti-money laundering laws. Some federal prosecutors believe that swift and decisive action is needed against the exchange with the present evidence.

Related Reading: Proof Of Reserves: Why Binance Is Launching A Website Dedicated To Transparency

While some prosecutors want to file criminal charges against individuals-including Changpeng Zhao – Binance’s CEO, others want to consolidate the facts and evidence.

This investigation involves prosecutors from three of the Justice Department offices. The Money Laundering and Asset Recovery Section, the U.S. Attorney’s Office for the Western District of Washington in Seattle, and the National Cryptocurrency Enforcement Team.

The charges are; unlicensed money transmission, money laundering conspiracy, and violation of criminal sanctions. There are no decisions yet on charging Binance, as the case seems rather vague.

This investigation is critical to the health of the crypto sector. If the findings go against Binance, it would loosen their grip on the number one spot and trigger reactions.

US Binance
BNB price, 4-hour chart. Source: TradingView | At press time, the BNB price was $283.80.

Binance Dismisses Allegations 

Binance’s team took to Twitter to refute the allegations, emphasizing that “Reuters has it wrong again.” It went further to post the statement sent to the reporter on Twitter, which implied that they keep a high compliance level with the existing laws.

Also, the crypto giant stated that they have some of the elite cyber investigators and a team of 300 people for financial crimes on their payroll.

Related Reading: Binance CEO: FTX Killed Itself When It Stole Billions, CZ Attacks “Wrong” Narratives

The investigations began in 2018; according to Reuters, Binance went to great lengths to safeguard information in the company. It remains to be seen if the crypto exchange will face charges. 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Kent Tenix

Kent Tenix

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Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on politics, business, technology, or culture, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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