US Senator Urges DOJ to Pursue Criminal Charges Against Binance and Tether

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US Senator Cynthia Lummis is calling on the Department of Justice (DOJ) to criminally charge the popular cryptocurrency exchange Binance and the issuer of the USDT stablecoin, Tether. Lummis argues that these companies have played a role in assisting illicit fundraising activities for terrorist organizations.

In a recent letter sent to the DOJ, Senator Lummis expressed her concerns and urged the department to thoroughly investigate and potentially pursue criminal charges against Binance and Tether. She specifically highlighted their alleged involvement as intermediaries in the illicit financing of Hamas.

This action from Senator Lummis comes as a response to a recent Wall Street Journal report that suggested Hamas had raised millions of dollars in cryptocurrency funding prior to their attacks on Israel. However, blockchain security and analytics firm Elliptic has stated that there is no evidence to support these claims. According to Elliptic, the data presented in the report has been misinterpreted.

Tether Responds and Calls for Fact-Checking

Tether, the issuer of the USDT stablecoin, has released a statement asserting their commitment to preventing the use of cryptocurrency for terrorism financing. They have also called upon the mainstream media to fact-check and rectify any misrepresentations surrounding this topic.

“Crypto used by malicious actors accounts for a small drop in the huge ocean of illicit activity passing through the (willingly or poorly equipped) traditional financial industry. WSJ deceitful article tricked good actors with false information,” said Tether CEO Paolo Ardoino.

Prominent figures in the cryptocurrency industry, such as Nic Carter, partner at Castle Island Ventures, and Brian Armstrong, co-founder and CEO of Coinbase, have also expressed their concerns regarding the mischaracterization of crypto in relation to terrorism financing. They emphasize the need for accurate reporting and the importance of standing up for the truth.

It remains to be seen how the DOJ will respond to Senator Lummis’ request and whether criminal charges will be pursued against Binance and Tether. In the meantime, the cryptocurrency community continues to advocate for fair representation and a better understanding of the industry.

Source link: Uber Crypto News

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