"Binance categorically did not dismantle any compliance investigation. The WSJ continues to report the same falsities. The truth is that Binance's investigation continued and uncovered a sophisticated, multi-jurisdictional pattern of financial activity spanning Asia, the Middle East, and beyond. Binance mapped this complex activity, offboarded the relevant user accounts, and reported to law enforcement."
"The Journal reported in late February that Binance, the largest cryptocurrency exchange in the world, shut down an internal investigation into more than $1bn in transactions with a network funding Iran-backed terror groups; Binance fired employees for looking into the matter and allowed the network to remain active, according to both the Journal and the New York Times."
"The Journal reported on Wednesday that US government officials have made contact with people who know about the Iranian transactions to obtain evidence. According to the Journal, it is unclear whether the investigation was focused on potential misconduct or the customers on its platform."
The US Department of Justice is investigating Binance, the world's largest cryptocurrency exchange, over allegations that Iran used the platform to circumvent sanctions and illegally transfer funds. The Wall Street Journal reported that Binance previously shut down an internal investigation into over $1 billion in transactions linked to Iran-backed terror groups and fired employees involved in the inquiry. Binance disputes these allegations, claiming its investigation continued, identified sophisticated financial activity patterns, offboarded relevant accounts, and reported findings to law enforcement. The company filed a defamation lawsuit against the Wall Street Journal. Senator Richard Blumenthal has also initiated an inquiry into potential sanctions violations. US officials are gathering evidence from individuals with knowledge of the Iranian transactions, though the investigation's specific focus remains unclear.
#binance-investigation #iran-sanctions-evasion #cryptocurrency-compliance #us-department-of-justice #financial-crime
Read at www.theguardian.com
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