Binance faces US probe of possible Russian sanctions violations

The Justice Department is investigating whether Binance Holdings Ltd. was used illegally to let Russians skirt US sanctions and move money through the world’s biggest cryptocurrency exchange, according to Bloomberg.

The inquiry by the Justice Department’s national security division is looking at whether Binance or company officials ran afoul of sanctions related to Russia’s invasion of Ukraine, according to five people familiar with the matter who asked not to be named discussing a confidential investigation. 

Binance told Bloomberg it complies with all U.S. and international financial sanctions.

“In 2021, Binance launched an initiative to completely overhaul its corporate governance structure, including bringing in a world-class bench of seasoned executives to fundamentally change how Binance operates globally,” Binance said in a statement to Bloomberg. “Our policy imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.”