Binance, the largest cryptocurrency exchange, which is currently facing major problems from regulators, is involved in the fight against Russian crypto exchange.
Binance Vs. Russian crypto exchange Suex OTC
The exchange has significantly joined in the effort to catch cybercriminals and began cooperating with the US authorities. The investigation was conducted against the Russian crypto exchange called Suex OTC. Russian exchange is said to be involved in money laundering, which sheds a very bad light on the world of cryptocurrencies.
With this shocking revelation came the US Asset Control Authority, which announced that some Suex addresses had appeared unfair money laundering practices.
Binance Exchange Statement:
“As a result of a comprehensive audit of our investigation team, several accounts related to the addresses listed in the OFAC sanction were identified earlier this year and appropriate action taken.”
Compliance with regulations
In 2021, the Binance Exchange is facing enormous pressure from regulators, which have begun to act on the demands of countries such as the UK, Japan, Italy, Malaysia, Singapore and others. Countries have warned the exchange against offering services without KYC verification. From this moment, however CEO of Binance, Changpeng Zhao, promised absolute cooperation and compliance.
The exchange is really doing everything in its power to get back into a positive wave in the eyes of the authorities. A team of experts has recently been set up to oversee the correct direction of compliance with financial laws.