US prosecutors are considering criminal charges against Binance

The crypto giant has been under investigation since 2018 for money laundering and violation of criminal sanctions.

Since the collapse of FTX, cryptocurrency giant Binance has been in the spotlight. It is in this context Reuters reveals news as part of an investigation that Binance has been under since 2018 for money laundering and violation of criminal sanctions.

“Some Justice Ministry prosecutors believe the evidence supports filing complaints against executives, including chief Changpeng Zhao,” Reuters reported. If the latter therefore appears determined to continue the exchange platform, others will still want to wait, Reuters reports divisions within the Justice Department.

“Officials from the Department of Justice have discussed possible plea agreements with Binance’s lawyers,” the news agency adds. Binance was quick to respond to the article by Reuters. On Twitter, Binance indicated that Reuters was “wrong again” after the publication of this study.

Binance Global Head of Investigations Tigran Gambaryan further clarifies that Binance has had an anti-money laundering strategy for years.

“In the final months of 2021, Binance began building what would arguably be the most robust security and investigative team in the industry,” he said.

In one year, the platform has increased its security and compliance workforce by more than “500%”. Similarly, it says it has responded to more than 47,000 requests “from law enforcement with an average response time of three days, which is faster than any traditional financial institution,” she boasts.

After the publication of the study of Reuters, the platform’s native token, BNB, has lost more than 4% of its value since Monday. Separately, the investigation has fueled investor distrust, with many looking to withdraw their money from the platform. In fact, about $1.6 billion has been withdrawn from Binance in the last 24 hours on the Ethereum blockchain. In this context, Binance announced on Tuesday morning to suspend payouts from the USDC stablecoin. The situation is still not restored at the time of writing this paper.

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