- US Prosecutors Consider Binance and CZ Money Laundering Charges.
- The MLARS head must approve financial institution money laundering charges.
- A Binance.US spokesperson said that Reuters’ queries were “filled by misleading insinuations.
An ongoing criminal investigation against Binance is being held up due to disagreements among prosecutors working for the United States Department of Justice. Binance, the largest bitcoin exchange in the world, is reportedly the focus of this inquiry, as reported by Reuters.
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According to the most recent reports, company founder Changpeng Zhao is also among the executives who have been charged with crimes. The evaluation of further evidence is however recommended by the cryptocurrency community.
Prosecutors from three Justice Department offices are involved in the investigation: the Money Laundering and Asset Recovery Section, or MLARS. The United States Attorney’s Office for the Western District of Washington and the National Cryptocurrency Enforcement Team is not far behind.
Most importantly, money laundering charges against a financial institution must be authorized by the MLARS head, according to Justice Department rules. Leaders from the other two offices, as well as higher-level DOJ officials, would almost certainly have to approve any action against Binance.
In 2018, an inquiry into Binance’s compliance with U.S. anti-money laundering legislation and penalties started. At least six federal prosecutors engaged in the investigation believed the evidence warrants significant action against the exchange.
A spokesman for Binance.US, on the other hand, said that Reuters’ queries were “filled by misleading insinuations.” Binance.US, he claims, is a distinct corporation with its own executive team “solely accountable for managing decisions and activities throughout the firm.”
Reuters checked text messages and phone records to confirm the conversation occurred and that it was about the Department’s December 2020 letter. The adviser disclosed the details of the conversation on the condition that neither the advisor nor the caller is identified by Reuters.
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