US DoJ Suspects Binance of Violating Sanctions Against Russia

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The US Department of Justice and Department of Homeland Security are jointly conducting an investigation into Binance Holdings Ltd. over possible violations of US sanctions against Russia, Bloomberg has reported, citing anonymous sources.

The inquiry is attempting to discover if Binance and its personnel enabled Russians to dodge US sanctions and move money through the exchange. No charges have been brought against the exchange or its executives at this time.

Binance has continually maintained that it is compliant with all US and international sanctions.

Earlier in the year, Binance had imposed restrictions on P2P trading in dollars and euros for Russians and had removed the €10,000 deposit limit for Russian users of the exchange, which had been introduced in April 2020 with the fifth package of EU sanctions.

However, the platform has since restored support for transactions with Russian bank cards.