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Home BREAKING NEWS

Republican Lawmakers Press the DOJ to Probe Binance and Tether’s Potential Support for Terrorism

by BlockNews.com Team
October 26, 2023
in BREAKING NEWS, CRYPTO, FEATURED, FINANCE, POLITICS
Reading Time: 3 mins read
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  • Republican lawmakers have urged the DOJ to investigate Binance and Tether for possibly enabling terrorism by violating sanctions laws after recent attacks against Israel.
  • Binance and Tether have faced increased regulatory scrutiny over the past year, with the CFTC suing Binance for lax compliance and Tether fined for backing issues with USDT.
  • In a letter, Senator Lummis and Representative Hill called for urgent action against Binance and Tether, citing reports of Tether freezing addresses linked to Hamas and Russian entities. They said crypto can enable innovation but these companies must be held accountable.

Republican lawmakers have urged the Department of Justice to investigate whether major crypto companies like Binance and Tether may be enabling terrorism by violating sanctions laws. This comes after recent attacks against Israel.

Binance and Tether in Regulators’ Crosshairs


Both Tether and Binance have faced increased scrutiny from regulators over the past year. The CFTC sued Binance for allegedly violating federal laws with its lax compliance approach. Tether was also fined in 2021 for issues backing its USDT stablecoin.

🚨 NEWS: 🇺🇸 Republican lawmakers press the DOJ to probe Binance and Tether's potential support for terrorism amid attacks on Israel.

The lawmakers highlight potential violations of sanctions laws and the Bank Secrecy Act.

Binance and Tether have yet to respond, reports The… pic.twitter.com/bHpu8hTmL1

— BlockNews.com (@blocknewsdotcom) October 26, 2023

Lawmakers Call for Swift Action


In a letter to the DOJ, Senator Cynthia Lummis (R-Wyo) and Representative French Hill (R-Ark) called for urgent action against Binance and Tether. They cited reports that Tether had frozen addresses linked to Hamas and Russian entities. The lawmakers said crypto can enable innovation but Binance and Tether must be held accountable.

Conclusion


The lawmakers’ letter shows ongoing concerns about potential illicit activity in crypto. But they also acknowledged the technology’s potential benefits. As regulators continue scrutinizing the space, companies will need to ensure they follow laws against money laundering and sanctions violations. Strong compliance programs will be key for crypto to gain mainstream adoption.

Tags: BinanceCFTCDOJtether
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