Binance Plays Role in U.S. Sanctions Against Russian Crypto Exchange
Binance has revealed its collaboration with law enforcement agencies on an investigation against Suex.
Suex is a Russian crypto exchange has been sanctioned by U.S. for laundering assets connected with ransomware attacks.
Suex’s illicit activities appeared on Binance’s radar after an in-house investigation on internal safeguards.
Share this article
Leading crypto exchange Binance has aided the OFAC’s investigation into the Russian crypto exchange Suex OTC.
Binance Reports Ransomware-Linked Money Laundering
One of the top global crypto exchanges, Binance, revealed it has collaborated with law enforcement agencies on sanctions taken against Suex, a Russian crypto exchange that allegedly laundered money for cybercriminals.
On Wednesday, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced a set of actions to be taken against crypto addresses belonging to Suex–a Russian exchange found laundering assets connected with ransomware attacks.
In a blog post, Binance detailed its collaboration with law enforcement agencies. Speaking on the matter, the exchange said:
“Based on a comprehensive audit by our investigative team, several accounts related to the addresses mentioned in the OFAC announcement were identified earlier this year and had appropriate action taken against them.”
Ransomware attacks have become a major concern for various government institutions worldwide, costing over $400 million in 2020, four times the levels in 2019. Various experts in the U.S. and across the globe have called ransomware a national security threat.
According to Binance, Suex’s illicit activities appeared on its radar after an internal audit of the exchange’s records. After this, Binance shared its findings against Suex with U.S. law enforcement agencies.
Months before OFAC sanctions against Suex were made, Binance had already banned crypto addresses from the Russian exchange. The decision was made due to internal safeguards against money laundering. Binance also shared its findings with the appropriate authorities, the exchange said.
It is worth noting that despite Binance’s recent collaboration with authorities, the exchange itself has previously faced several regulatory issues.
In 2021, regulators from the U.K., Japan, Italy, Malaysia, Singapore and others countries warned the exchange about offering services to their citizens without proper registration and KYC verification. However, Changpeng “CZ” Zhao, the exchange’s CEO, has since promised a transition to a state of proactive compliance.
The Binance CEO has also stated plans to shift Binance to a centralized headquarters and quit its current decentralized operations for compliance needs. The exchange has even hired investigators and ex-officers from top agencies to help the platform comply with financial laws.
To meet this regulatory compliance goal, the firm has implemented full KYC norms for all traders on its platform. However, before the rule, Binance had been offering services to unverified users for some years, potentially allowing the platform to be used for nefarious activities. Due to this, Binance was also reportedly investigated by U.S. agencies for violations of AML regulations.
Binance’s recent cooperation with U.S. authorities and improvement of its KYC and AML procedures may help the exchange to reduce the troubles it has faced with regulators.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Binance to Drop Decentralized HQ to Appease Regulators
Binance, the world’s largest crypto exchange, plans to give up its decentralized operations model and adopt a central headquarters. Binance to Move to Centralized Headquarters Changpeng “CZ” Zhao, the founder…
Binance Makes KYC Mandatory For New Users
Binance has stated that new users will have to complete KYC Verification to access its products. Mandatory KYC For New Binance Users Binance.com, the world’s largest crypto exchange, has announced…
What is Impermanent Loss and How can you avoid it?
DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…
Binance Hires Ex-IRS Officer To Fight Money Laundering
Binance has hired a former criminal investigator at the IRS as its new global money laundering reporting officer (GMLRO). Binance Expands Compliance Team Binance has recruited a former investigator at…
Singapore Central Bank Puts Binance on Alert List
Singapore’s central bank has sent a warning to Binance.com for offering financial services without registering in the country. Binance.com Under Fire in Singapore Singapore has alerted investors against using Binance. …