BREAKING: DOJ To Formally Charge Binance Soon?
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June 8, 2023 9:43 am
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Two U.S. policymakers are calling upon the Department of Justice to pursue charges against Binance.
Elizabeth Warren (D-MA) and Chris Van Hollen (D-MD) are keeping with the Democrat Party’s tradition in attempting to snuff out crypto innovation and blockchain assets.
Following allegations made in a Bloomberg article, the two Democrats are placing pressure on the DOJ to investigate the world’s largest centralized exchange.
According to that article, Binance allegedly lied to Congress and regulators about how they conduct business—particularly the commingling of customer funds.
Pro-crypto attorney John E. Deaton weighed in with his own speculation surrounding the matter:
There have been rumors or reports that the DOJ may file criminal charges against @binance and/or @cz_binance. Because of the filing of this injunction – at this point in time – I suspect the DOJ will file criminal charges. I’m not suggesting that the DOJ should file charges or… https://t.co/dthKMRL7mk
— John E Deaton (@JohnEDeaton1) June 7, 2023
@binance, the largest exchange in the world has been sued by both the @CFTC and @SECGov. There are rumors that the DOJ may file criminal charges against @binance and @cz_binance. The largest American exchange, @coinbase, has been sued by the SEC, effectively asking for a… https://t.co/25NzDQN6ze
— John E Deaton (@JohnEDeaton1) June 8, 2023
CoinDesk confirmed:
Senators Elizabeth Warren and (D-Mass.) and Chris Van Hollen (D-Md), in their letter to U.S. Attorney General Merrick Garland, alleged the crypto exchange may have made false statements, including whether its affiliate Binance.US was indeed a separate entity as Binance had claimed.
‘Not Tiger Global’ posted this ominous warning of potential developments:
“The SEC seems steadfast on pushing for an injunction against #Binance , which would halt all business operations. In other words, revenue goes to $0, or close to it. $COIN faces the same fate, too. In this scenario, you wouldn’t need criminal enforcement by the DOJ to take #Binance down. They’d go bankrupt anyway, and so would $COIN.”
The SEC seems steadfast on pushing for an injunction against #Binance , which would halt all business operations. In other words, revenue goes to $0, or close to it. $COIN faces the same fate, too. In this scenario, you wouldn't need criminal enforcement by the DOJ to take… pic.twitter.com/jQmjOp29sG
— Not Tiger Global (@NotChaseColeman) June 5, 2023
Sassal asked on June 5th, 2023:
“Ya’ll remember Binance getting probed by the DOJ? That was only a month ago and literally no one talks about it anymore. This latest news will be forgotten within 24-48 hours.”
Ya'll remember Binance getting probed by the DOJ? That was only a month ago and literally no one talks about it anymore
This latest news will be forgotten within 24-48 hours
— sassal.eth 🦇🔊 (@sassal0x) June 5, 2023
Forkast detailed the current charges against Binance:
According to the documents, from April 2019 to April 2023, numerous accounts linked to Zhao and associate Guangying Chen were held with Silvergate and Signature, two U.S. banks that collapsed earlier this year.
The filing claimed that Merit Peak Limited, a British Virgin Islands company beneficially owned by Zhao, allegedly received US$22 billion between 2019 to 2021, with the majority of these funds subsequently transferred to a foreign affiliate of Paxos Trust Company, the issuer of the BUSD stablecoin.
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