WHY DOES THE FBI KEEPS SEIZING FUNDS FROM BINANCE USERS?

According to public filings filed this month, the Federal Bureau of Investigation (FBI) seized approximately $400,000 worth of cryptocurrency from Binance accounts in May. According to federal seizure documents, authorities seized approximately $397,221 worth of Bitcoin and Tether from six accounts on Binance between May 2 and May 23. The FBI said in a statement that the assets were seized “because they violated federal law.” Binance is currently the defendant in two lawsuits against U.S. authorities, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, but he still claims to support such investigations. A Binance spokesperson told Blockworks, “Binance is actively working with law enforcement agencies around the world to stop bad actors, including identifying funds related to criminal activity. there is,” he said. Binance has been banned in the US since 2019. Some residents, including those in New York, Texas and Vermont, still cannot access Binance.US, the exchange’s U.S. subsidiary. Binance said it enforces Know Your Customer (KYC) policies on a global basis, restricting access for anyone who identifies as a U.S. citizen, regardless of their physical location. In addition, he said any devices connected through US mobile carriers or connected to his IP address in the US would also be blocked. The exchange also does not allow withdrawals or deposits from US banks or credit card companies.