- The U.S. Department of Justice (DOJ) may bring a years-long investigation into Binance’s potential involvement in money laundering and “criminal sanctions violations” to a close, according to a Monday report from Reuters.
- Currently, opinions are split among federal prosecutors involved as to whether the DOJ should move forward with pressing criminal charges on Binance’s top brass, or if further investigation is required.
- Binance directly addressed the Reuters article in a tweet containing its complete response, along with a blog post detailing its vast crypto crimefighting initiatives.
Why it matters
Ongoing discussions amongst DOJ prosecutors regarding a years-long criminal investigation into Binance may determine the fate of crypto — and Web3 as we know it. Beginning in 2018, the DOJ, namely its Money Laundering and Asset Recovery Section (MLARS) and National Cryptocurrency Enforcement Team offices, have been looking into Binance’s potential involvement, or at least its alleged complicity in money laundering schemes taking place all around the world.
Should the DOJ move forward and close the investigation, some federal prosecutors believe the correct course of action would be to criminally charge Binance’s top executives with “unlicensed money transmission, money laundering conspiracy and criminal sanctions violations,” according to four people familiar with U.S. law enforcement and Binance’s internal advisory policies, in the Reuters report.
To help clear the air, the official Binance Twitter account posted the response it sent over to Reuters in full. Binance’s response notes that Reuters didn’t mention the steps Binance has taken internally to address potential bad actors using its platform for criminal activity.
Source NFT Now