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October 31, 2023

US Senator Urges DOJ to Press Criminal Charges Against Binance and Tether for Financing Illicit Activity

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

US Senator Cynthia Lummis (R-WY) has urged the U.S. Department of Justice (DOJ) to press criminal charges against Binance crypto exchange and Tether. The senator claims that the two entities were involved in financing illicit activity, specifically serving as intermediaries for Hamas.

US Senator Urges DOJ to Press Criminal Charges Against Binance and Tether for Financing Illicit Activity

Senator Lummis referred to a Wall Street Journal report that alleged Hamas had received $130 million in crypto donations. However, blockchain analysis firm Elliptic disputed these claims, stating that there was no evidence of significant cryptocurrency donations to Hamas.

Despite the uncertainty surrounding the funding amounts, Senator Lummis insists that the DOJ should take action. She emphasizes that while a small number of bad actors may misuse crypto assets, it is important not to view all crypto asset intermediaries as suspect. Many of these intermediaries strive to comply with US sanctions and money laundering laws, recognizing the potential of crypto assets and distributed ledger technology to drive responsible innovation in US financial markets.

In conclusion, Senator Lummis calls on the DOJ to conclude its investigation and consider criminal charges against Binance and Tether. She highlights the need to strike a balance between addressing illicit activities and fostering the growth of the cryptocurrency and blockchain industries.

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Natasha Fernandez
Natasha Fernandez
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Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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