Reportedly Binance exchange is very near to facing criminal charges over its failure to prohibit bad actors’ activities & failure to comply with AML laws.
Binance exchange is a first-ranked crypto exchange in the crypto sector. This exchange launched BinanceUS, a fully US-based Binance subsidiary in 2017. In a short time, BinanceUS grabbed most of the crypto market in the United States. Binance is a fully independent subsidiary of Binance but its core ownership is in hand of Binance founder Changpeng Zhao. The dedicated crypto exchange for US-based users was launched to comply with the financial regulatory policies of the US.
On 12 December, Reuters reported that an investigation case against Binance, which was started in 2018, is very near to completion.
In this phase of the investigation, US prosecutors are in a conflict whether the evidence found is enough to impose criminal charges against Binance & its executives or not.
The whole investigation revolved around Binance’s failure to comply with the U.S. anti-money laundering (AML) laws and sanctions. So here US prosecutors may file criminal charges on Binance to provide unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.
Reportedly Binance’s attorneys held a meeting with the US prosecutors last month and Binance’s defence lawyers said that if Binance will face any kind of criminal charge then the crypto sector may face a very big downfall which will further result in a very big loss for the crypto investors. So there are possibilities that in such cases Binance may settle the investigation without going to court.
A spokesperson from Binance said that US prosecutors are closely monitoring & investigating other crypto companies to find out whether there were similar kinds of faults with other crypto exchanges or not.
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US DOJ nearing to complete investigation against Binance
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