Binance Scandal: Did It Violate U.S. Sanctions Against Russia? – 251

U.S justice department investigating Binance for russia-related sanctions Violations via Bloomberg coindesk has Reached out to binance and the justice Department for common The U.S department of Justice's National Security division is conducting an Inquiry into whether binance allowed Russian customers to access the exchange In violation of U.S sanctions related to Russia's invasion of Ukraine according To a Bloomberg report that cites five People familiar with the matter the Justice department inquiry is another High-profile action against binance After a 2021 joint investigation with The Internal Revenue Services against The global exchange the U.S Securities And Exchange Commission SEC for short Has also been investigating binance for Its relationship with two firms owned by His founder Shang Pang Zao since at Least early 2022 spokespeople for Binance and the justice department did Not immediately return coindesk's Requests for comment The justice department declined a Bloomberg request for a comment a Binance statement to Bloomberg said the Company complies fully with all U.S and International Financial sanctions in March the U.S commodity Futures Trading Commission cftc for short seed binance Alleging the company knowingly offered

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Unregistered crypto derivative products In the U.S against federal law The Exchange has repeatedly pushed back Against allegations by saying it has Built the world's largest compliance Team in the space a 700 member that Addresses 1300 law enforcement requests On a weekly basis Tigrin gambarian binance's head of Financial crime compliance set at Coindesk's consensus conference last Week in recent days finances claimed to Have figured out how to keep North Koreans off its crypto exchange by Kicking their a enough something like Kicking their ass enough there we go and There goes the monetization we're only Within the first yeah we're well we're 15 minutes in we'll be golden thanks for The buffer start screen and they're Actually being able to recognize that Binance was not the place for them Additionally this month Israel Reportedly revealed it has seized Roughly 190 binance accounts with Alleged ties to terrorist groups Including two accounts to Isis since Neither Israel nor binance explicitly Said binance had cooperated it isn't Clear how Israel seized accounts on Binance without binance's cooperation Given finances obliged to adhere to Israeli laws now now of course it's not That difficult to see something if you

Can gain access to the credentials for It so I would assume that that is how Seizure took place I guess I suppose there are other ways That maybe they could have gotten it but If they did then of course there would Be security flaws within uh binance Itself but the reason why this is Extremely important is because the Entire selling point to cryptocurrency At least as of late four countries like Russia has been to bypass sanctions this Is why in Russia we've seen of course The tax holidays that have been going on For cryptocurrency and digital products And this is to essentially allow and Encourage the oligarchs and such to go Ahead and participate within Cryptocurrency and not hurt them too bad Financially in turn for it this was Something that was done a few months Back and we did cover that full it's Important to cover this though so Because we need to understand exactly Where things are headed and a lot of it Will come down to sanctions compliance I Think when we talk about regulation from The United States and so I I hope to see A better or more favorable regulation Surrounding cryptocurrency but because Of matters like this I do not foresee That actually being the case I think That you will see a more stringent

Lockdown or Hammer coming down within Cryptocurrency across the board Coinbase is kind of the last shining Star I guess we have for us You know exchanges with binance having but in a lot of States people Don't have access to binance for example Even in Texas where there are more Favorable cryptocurrency policies Binance is not available within Texas Itself and this is something I think We're going to see more and more of I Think we're going to see Individual products within Cryptocurrency being available on a State-by-state basis and it will all Depend on essentially States individual States rights and their laws surrounding Cryptocurrency and this is going to Become extremely relevant within mining Thanks for checking out this clip from The crypto mining show you can check out The full episode here or more crypto Content down here also I'd like you to Check out my locals page at son of a where you can become a Member for free or choose to be a five Dollar a month supporter that unlocks Additional content

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