In a recent tweet, blockchain data analytics firm Santiment highlighted that Binance and its native cryptocurrency, BNB, are currently dominating discussions in the cryptocurrency sphere. According to their data, these two topics have surged to the forefront as the first and third fastest-rising subjects in the crypto landscape.
However, not all attention directed toward Binance has been positive. Despite its reputation as a prominent cryptocurrency exchange, the exchange has faced various challenges from regulatory authorities and encountered several setbacks in the market.
Adding to their troubles, just recently, Binance experienced another setback when their payment processing partner, Checkout.com, officially terminated their collaboration. This development further worsened the exchange’s already difficult situation.
Adding to the turmoil, a fresh rumbling within the crypto community has gained traction. Speculation has been swirling regarding Binance’s alleged involvement in selling off its Bitcoin holdings on the spot market. The intent behind this purported move, as per the rumor, is to bolster the value of BNB, the exchange’s native token, and maintain it above crucial support thresholds.
The allegations gain immense significance as the exchange holds substantial amounts of both Bitcoin and BNB, positioning itself as a potentially influential player with the power to shape market dynamics.
While caution is necessary when approaching such claims, the ongoing narrative regarding Binance’s activities highlights the complexities and hurdles faced by major players in the crypto industry.
US DOJ Probes Binance For Potential Russian Sanctions Violations
In a recent development, the unfolding situation has taken a more concerning turn. According to a report from the Wall Street Journal (WSJ), the United States Department of Justice (DOJ) has initiated an investigation into potential violations by Binance. The focus of the inquiry is whether Binance’s actions could be in breach of U.S. sanctions imposed on Russia.
The investigation has uncovered that the exchange has facilitated transactions for Russian customers with at least five banks currently under United States sanctions. These financial institutions have been targeted due to their connections with Russia.
In response to the allegations, the exchange has affirmed its dedication to complying with international sanctions regulations. The company emphasizes its proactive enforcement of restrictions against individuals, organizations, entities, and countries flagged under these protocols.
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