Binance’s Troubles May Get A Whole Lot Worse If U.S. Lawmakers Get Their Way

October 27, 2023 12:36 pm Comments

Binance is currently under immense legal and regulatory pressure worldwide.

Those pressures only seem to be mounting, as U.S. lawmakers call for the Department of Justice to launch a criminal investigation into Binance.

The world’s biggest crypto exchange by volume is already facing a lawsuit from the Securities and Exchange Commission. Senator Cynthia Lummis sent a letter to the DOJ and stated:

“When it comes to illicit finance, crypto is not the enemy – bad actors are. I sent a letter asking DOJ to finish its investigation and consider criminal charges against Binance and Tether after reports they served as intermediaries for Hamas and engaged in illicit activities.”

Members of the crypto community attacked Lummis, who was widely regarded as being pro-crypto up until she penned this letter.

According to The Block:

Both Tether and Binance have been in regulators’ crosshairs over the past year. 

Tether was fined by the CFTC in 2021 over its backing of its stablecoin USDT. Tether recently froze 32 addresses controlled by Hamas and Russian-linked entities in Israel and Ukraine, the lawmakers said.

WhaleWire insinuated that Binance and Tether only have a short time until the US Department of Justice levies criminal charges against them.

NFSC claimed: “Court document shows through cryptocurrency trading on Binance, three pro-Palestine terrorist groups Hamas, Palestinian Islamic Jihad, and Hezbollah have been funding their operations with at least a total of $134 million worth of funds.

In 2022, Miles Guo exposed that Binance and Zhao Changpeng has been under investigation by DOJ, Binance is a crypto exchange platform without KYC requirement, which has allow it to achieve tens of billions dollars of daily trading volume.

Biance’s mainly used for money laundering by four type of people, the CCP, Russian, Wall Street, and underworld.”

Daily Coin added:

Notably, the lawmakers alleged that Binance and Tether are actively providing material support and resources to enable crypto-funded terrorism through circumvention of applicable sanctions laws and violations of the Bank Secrecy Act.

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