Binance may face US inquiry for breaking Russian sanctions: Report

The U.S. Justice Department is examining whether Binance Holdings was improperly exploited to assist Russians avoid U.S. sanctions and transfer money via the cryptocurrency exchange, Bloomberg News reported , citing individuals familiar with the case.

Regulators internationally have long urged for stronger regulations on crypto exchanges such Binance, the world's biggest, to avoid unlawful activity - from money laundering to the funding of terrorism.

The latest seizures by Israel's NBCTF also demonstrate how governments are pursuing crypto firms in their attempts to curb unlawful behavior.

The examination by the Justice Department's national security division is investigating into whether Binance or business executives fell afoul of sanctions connected to Russia's invasion of Ukraine, the paper added, citing five sources.

Binance and the DoJ did not immediately answer to Reuters' requests for comment.