The US Department of Justice is investigating Binance to determine whether it allowed Russian customers to access the cryptocurrency exchange in violation of US sanctions related to Russia’s invasion of Ukraine, Bloomberg reports citing five anonymous sources familiar with the case.
Complaints have previously been lodged against the company about its alleged use of the exchange to circumvent sanctions against Iran. Binance is reportedly in talks with US authorities to resolve the issue.
The company insists that Binance is in full compliance with all US and international financial sanctions. The US Department of Justice declined to comment.
In early March, Binance disabled the purchase and sale of dollars and euros through its P2P service for Russian citizens and any individuals residing in Russia. The move was made in order to comply with the tenth package of EU sanctions against Russia, the company said.
Russians started actively using Binance’s P2P service in 2022 to transfer money abroad after SWIFT transfers became difficult due to EU sanctions.
