Binance accused of money laundering. What happened?

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US prosecutors accused Binance, the biggest crypto exchange, of money laundering and sanctions violations.

The DoJ (Department of Justice) officials are considering whether to proceed with the charges, as there is no unanimity.

As reported by Reuters, the criminal investigation started in 2018 and has continued since then. It involves three offices: the Money Laundering and Asset Recovery Section, the U.S. Attorney’s Office for the Western District of Washington in Seattle and the National Cryptocurrency Enforcement Team.

Sources familiar with the matter have mentioned the charges under investigation: unlicensed money transmission, money laundering conspiracy and criminal sanctions violations.

Binance and money laundering: another potential scandal after the FTX saga.

The crypto industry has been recently shaken by the FTX scandal and was slowly recovering after that. The possibility that Binance will be charged with money laundering sets the industry for another dark scenario.

What’s next?

At the time we write, no final charging decisions have been made. There are three possible scenarios:

  1. The DoJ could bring indictments against Binance and its executives;
  2. The DoJ could negotiate a settlement;
  3. The DoJ could close the case without taking any action at all.
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