{"id":1632,"date":"2022-12-12T18:01:16","date_gmt":"2022-12-12T18:01:16","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2022\/12\/12\/will-the-doj-file-charges-against-binance-heres-what-we-know\/"},"modified":"2022-12-12T18:01:16","modified_gmt":"2022-12-12T18:01:16","slug":"will-the-doj-file-charges-against-binance-heres-what-we-know","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2022\/12\/12\/will-the-doj-file-charges-against-binance-heres-what-we-know\/","title":{"rendered":"Will the DOJ File Charges Against Binance? Here&#8217;s What We Know"},"content":{"rendered":"<p><\/p>\n<div>\n<h2 id=\"h-the-alpha\">The Alpha:<\/h2>\n<ul>\n<li>The U.S. Department of Justice (DOJ) may bring a years-long investigation into Binance\u2019s potential involvement in money laundering and \u201ccriminal sanctions violations\u201d to a close, according to a Monday report from <em><a href=\"https:\/\/www.reuters.com\/markets\/us\/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reuters<\/a><\/em>.<\/li>\n<li>Currently, opinions are split among federal prosecutors involved as to whether the DOJ should move forward with pressing criminal charges on Binance\u2019s top brass, or if further investigation is required.<\/li>\n<li>Binance directly addressed the <em>Reuters <\/em>article in <a href=\"https:\/\/twitter.com\/binance\/status\/1602287184400326656\" target=\"_blank\" rel=\"noreferrer noopener\">a tweet<\/a> containing its complete response, along with <a href=\"https:\/\/www.binance.com\/en\/blog\/leadership\/inside-binances-fight-against-crypto-crime-5422427314690193337?ref=AZTKZ9XS\" target=\"_blank\" rel=\"noreferrer noopener\">a blog post<\/a> detailing its vast crypto crimefighting initiatives.<\/li>\n<\/ul>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<h2 id=\"h-why-it-matters\">Why it matters<\/h2>\n<p>Ongoing discussions amongst DOJ prosecutors regarding a <a href=\"https:\/\/www.reuters.com\/investigates\/special-report\/fintech-crypto-binance-zhao\/\" target=\"_blank\" rel=\"noreferrer noopener\">years-long criminal investigation<\/a> into Binance may determine the fate of crypto \u2014 and Web3 as we know it. Beginning in 2018, the DOJ, namely its Money Laundering and Asset Recovery Section (MLARS) and National Cryptocurrency Enforcement Team offices, have been looking into Binance\u2019s potential involvement, or at least its alleged complicity in money laundering schemes taking place all around the world.<\/p>\n<p>Should the DOJ move forward and close the investigation, some federal prosecutors believe the correct course of action would be to criminally charge Binance\u2019s top executives with \u201cunlicensed money transmission, money laundering conspiracy and criminal sanctions violations,\u201d according to four people familiar with U.S. law enforcement and Binance\u2019s internal advisory policies, in the <em>Reuters<\/em> report.<\/p>\n<p>To help clear the air, the official Binance Twitter account posted the response it sent over to <em>Reuters <\/em>in full. Binance\u2019s response notes that <em>Reuters<\/em> didn\u2019t mention the steps Binance <a href=\"https:\/\/www.binance.com\/en\/blog\/leadership\/inside-binances-fight-against-crypto-crime-5422427314690193337?ref=AZTKZ9XS\" target=\"_blank\" rel=\"noreferrer noopener\">has taken internally<\/a> to address potential bad actors using its platform for criminal activity.<\/p>\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Reuters has it wrong again. <\/p>\n<p>Now they&#8217;re attacking our incredible law enforcement team. A team that we&#8217;re incredibly proud of \u2013 they&#8217;ve made crypto more secure for all of us. <\/p>\n<p>Here\u2019s the full statement we sent the reporter and a blog about our remarkable law enforcement team.<\/p>\n<p>\u2014 Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1602287184400326656?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">December 12, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Currently, talks within the DOJ remain at a standstill, and the investigation continues to cast a tall shadow over the leading crypto exchange. But there may be a middle ground moving forward that could satisfy both parties long term: regulation.<\/p>\n<p>Throughout 2022, the IRS and SEC have been working towards <a href=\"https:\/\/nftnow.com\/features\/the-irs-and-sec-are-eyeing-crypto-and-nft-regulation\/\" target=\"_blank\" rel=\"noreferrer noopener\">finally bringing regulation<\/a> into the nascent crypto and NFT spaces. Entities like Yuga Labs have <a href=\"https:\/\/nftnow.com\/news\/breaking-yuga-labs-faces-sec-probe-for-unregistered-offerings\/\" target=\"_blank\" rel=\"noreferrer noopener\">happily obliged to investigations<\/a> assessing the legitimacy of their operations and adherence to U.S. laws, and the NFT space as a whole might benefit from <a href=\"https:\/\/nftnow.com\/features\/regulations-and-sec-investigations-might-actually-be-good-for-nfts\/\" target=\"_blank\" rel=\"noreferrer noopener\">some form of oversight<\/a>. But if the DOJ looks to make an aggressive move in the coming months against Binance, an unfortunate truth on the burgeoning Web3 ecosystem may begin to publicly unravel.<\/p>\n<h2 id=\"h-what-s-next\">What\u2019s next<\/h2>\n<p>In the wake of <a href=\"https:\/\/nftnow.com\/the-gateway\/ethereum-co-founder-joseph-lubin-on-nfts-and-the-fall-of-ftx\/\" target=\"_blank\" rel=\"noreferrer noopener\">FTX\u2019s recent collapse<\/a>, <em>Reuters <\/em>has acknowledged the potential damage a formal suit against leading crypto exchange Binance would wreak on the crypto community, citing the arguments of Binance\u2019s defense attorneys against moving forward with criminal charges against its leadership.<\/p>\n<p>Indeed, havoc would undoubtedly follow after such a move. As it stands, Binance is now virtually uncontested in the crypto sphere. According to the <em>Reuters <\/em>report, Binance saw trading volumes north of $1.6 trillion in October 2022 \u2014 a figure that dwarfs the $230 billion its then-biggest competitor FTX processed in that same month.<\/p>\n<p>Should Binance take a hit, a staggering majority of all active crypto traders and investors would feel the pain. And it would be felt<em> hard<\/em> \u2014 an unfortunate truth in Web3, especially considering Web3\u2019s promise of a truly decentralized internet. With no true competitors left to challenge Binance, Web3\u2019s starting to look a lot like the side of the internet to which builders like the <a href=\"https:\/\/nftnow.com\/news\/the-merge-finally-happened-ethereum-will-never-be-the-same\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ethereum<\/a> team have worked to provide meaningful alternatives.<\/p>\n<p>But why is decentralization such a key focus on Web3 in the first place? Let\u2019s do a quick recap with one of the space\u2019s most influential builders. In a panel at the recently-concluded Gateway event, Ethereum Co-Founder Joseph Lubin touched on why decentralization has spurred much of the drive to build in Web3. \u201cA lot of people have been harmed for millennia by bad centralized systems. You can hide information, you can cheat in so many different ways,\u201d Lubin said. Citing FTX\u2019s collapse as an example of the dangers of creating truly centralized power structures within Web3, Lubin continued: \u201cI\u2019m grateful that it is going to enable us to drive a narrative that really lays out, in stark terms, the value of decentralization.\u201d<\/p>\n<p>Sure, Binance may operate more cohesively as an organization than its former competitor. But that doesn\u2019t reduce the gravity of the problem: within the entire realm of crypto, Binance stands tall as its undisputed central leader. With so much in the balance on a macro level, we\u2019ve reached a pivotal moment in the pursuit of decentralization, with massive ramifications on the future of crypto, NFTs, and Web3.<\/p>\n<h4 id=\"h-related-articles\">Related articles:<\/h4>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/nftnow.com\/news\/will-the-doj-file-charges-against-binance-heres-what-we-know\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Alpha: The U.S. Department of Justice (DOJ) may bring a years-long investigation into Binance\u2019s potential involvement in money laundering and \u201ccriminal sanctions violations\u201d to a close, according to a Monday report from Reuters. Currently, opinions are split among federal prosecutors involved as to whether the DOJ should move forward with pressing criminal charges on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[10],"tags":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftnow.com\/wp-content\/uploads\/2022\/11\/binance-peacing-out.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/1632"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=1632"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/1632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/1633"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=1632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=1632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=1632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}