American hedge funds were required to hand over records of communications with Binance.
United States prosecutors are investigating hedge funds' relationships with cryptocurrency exchange Binance for money-laundering violations.
According to anonymous sources cited by the Washington Post, the U.S. attorney’s office for the Western District of Washington in SeattleThe allegedly subpoenas do not mean prosecutors are bringing charges against the crypto exchange or hedge funds, as authorities are still evaluating evidence and a possible settlement with Binance, according to legal specialists.since 2018, when prosecutors began investigating a number of cases about illicit funds moving through the exchange.
Binance chief strategy officer Patrick Hillmann acknowledged to the Washington Post that the company had a poor approach to regulatory compliance in its first years, but has made significant investments in compliance programs. To stay in compliance with global sanctions, Binance has joined the Association of Certified Sanctions Specialists, or ACSS. On Jan. 6, the crypto exchange announced that its sanctions compliance team wouldThe ACSS training is expected to educate Binance’s team on guidelines from the U.S. Treasury’s Office of Foreign Assets Control and inform them of potential risks of violations.Chamber of Digital Commerce, after receiving criticism for being unregulated.
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