DoJ wants Binance to stop seeking praise for curbing cybercrime

The U.S. Department of Justice (DoJ) responded to Binance’s requests for approval for thwarting criminal activity, saying “No thank you.”

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The world’s largest cryptocurrency exchange

has reached out to agencies around the world, seeking praise for its efforts in curbing cryptocurrency-related criminal activity. However, the DoJ was not thrilled with the requests.

Thecryptocurrency exchange

has faced increasing pressure around the world due to lack of regulation in many countries. However, the exchange has played a key role in curbing criminal activity through its exchange. Something it has actively promoted in recent times. Sponsored

Binance’s request to the agency to recognize the efforts of cryptocurrency exchanges in helping to curb criminal activity has frustrated the DoJ. So much so that the agency has reached out to the Federal Bureau of Investigation

, Secret Service, Internal Revenue Service and others demanding that agents stop signing letters.

Binance required to assist

According to

the

DoJ

, Binance is required by law to assist in criminal investigations. Therefore, the acknowledgment notes should not be required of any department.

While the DoJ declined to comment on this, a Binance spokesperson stated:

We engage with regulators and law enforcement agencies to work together to combat cybercrime as part of our ongoing efforts to help make the industry a better place, the letters we have received acknowledging our assistance speak for themselves.

Former enforcement official at the US Securities and Exchange Commission (SEC), Ken Joseph, finds the requests unusual as companies do not usually seek confirmation from authorities. Joseph stated:

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‘My sense is that the fact that you show up with a letter of commendation is probably not going to have an impact on whether the government continues its investigation.

Countries Restricting Binance

The letters of praise are likely being used to prove that Binance is doing all it can to help government authorities curb cryptocurrency crimes. However, that hasn’t stopped several countries from taking action against the exchange.

Japan’s Financial Services Agency warned Binance for operating in the country without a proper license. At the same time, the UK Financial Conduct Authority has warned consumers against using Binance, mainly because it is not licensed to operate in the UK. Also, Due to increased scrutiny around the world, Binance zos

It has now been reviewed by the Monetary Authority of Singapore (MAS). The Thai SEC has gone a step further by filing a complaint against the exchange.

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