Department of Justice Requested to Investigate Illicit Financial Activities

US lawmakers are calling on the US Department of Justice (DOJ) to launch a criminal investigation into cryptocurrency exchange Binance (BNB) and stablecoin issuer Tether (USDT). The lawmakers, led by Senator Cynthia Lummis, refer to a Wall Street Journal (WSJ) report that alleges Hamas and its affiliate raised significant funds through cryptocurrencies [Bitcoinist].

In a joint letter signed by Senator Lummis and Representative French Hill, the lawmakers express deep concern over reports indicating that unregulated crypto intermediaries outside the United States have allegedly facilitated illicit financial activities, including financing terrorism [Bitcoinist]. They specifically reference Hamas’s attacks on Israel [Bitcoinist].

The lawmakers urge the DOJ to promptly reach a charging decision regarding Binance given the extent of its involvement, and to conclude the ongoing investigation into Tether’s alleged illicit activities [Bitcoinist]. They stress the need for the DOJ to hold any entities facilitating illicit activities accountable [Bitcoinist].

Tether, on the other hand, faced a fine by the Commodity Futures Trading Commission (CFTC) in 2021 for issues related to backing its stablecoin USDT [NewsBTC].

In response to the claims made by Senator Lummis and Representative Hill, Tether issued a statement addressing the “misinformation” surrounding the potential misuse of cryptocurrencies [Tether]. They reference independent investigations by Chainalysis and Elliptic, which found errors and faulty attribution techniques in reports, including the WSJ’s article [Tether]. Tether emphasizes its commitment to regulatory compliance, due diligence, and global collaboration with law enforcement agencies [Tether].

As the call for a DOJ investigation unfolds, the cryptocurrency community awaits further developments and the potential impact on Binance and Tether’s operations [NewsBTC].

It is worth noting that BNB is currently trading at $221, representing a decrease of 0.9% within the last 24 hours [NewsBTC]. However, the token has experienced significant gains over the past seven and thirty days [NewsBTC].

– Bitcoinist: [1] [2]
– Tether: [3]
– NewsBTC: [4]

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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