U.S. lawmakers are pushing the Department of Justice (DOJ) to conduct an in-depth probe into cryptocurrency exchange Binance (BNB-USD) and stablecoin platform Tether’s (USDT-USD) role in funding illegal activities, including terrorism. Senator Cynthia Lummis and Representative French Hill referenced an October 10 report of the Wall Street Journal, alleging that Hamas, Palestinian Islamic Jihad, and Lebanon-based Hezbollah raised funds using cryptocurrencies since August 2021. The report also cites Hamas’ use of Binance accounts to move funds.
A letter signed by the lawmakers urges a criminal investigation into Binance and Tether and requests the DOJ to hold them accountable for any involvement. The letter also states that Binance and Tether could have violated the Bank Secrecy Act and other applicable laws in the absence of appropriate measures to stop bad actors. Importantly, the lawmakers seek to immediately stop any further funding of Hamas via cryptocurrency in their attack on Israel.
Meanwhile, Tether issued a reply stating that the Wall Street Journal’s report was flawed and that there was no misuse of cryptocurrencies. Tether is confident in its application of regulatory laws. The stablecoin issuer maintained that they track and freeze any digital assets related to unlawful activities. Plus, the platform confirmed its full cooperation in any investigation.
Is Binance a Good Coin to Buy?
A slew of challenges has dragged down the value of the Binance coin. The value of BNB-USD has plunged 32.8% in the past six months. BNB is trading at a 67.8% discount to its all-time high value of $693.73 touched on November 8, 2021.
