U.S. lawmakers have asked the Department of Justice to further investigate cryptocurrency companies Binance and Tether for terrorism financing.
In a joint letter, Representatives Cynthia Lummis and French Hill asked the U.S. Department of Justice to conduct a thorough investigation into whether Binance and Tether have facilitated terrorist financing by violating sanctions laws and the Bank Secrecy Act, which is critical in light of recent terrorist attacks in Israel.
Earlier, Senator Cynthia Lummis stressed the importance of monitoring "unregulated, centralized" foreign cryptocurrency companies that facilitate terrorist financing, Coincu reported.
It's worth noting that Binance has recently come under pressure from U.S. regulators.
The Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US, its parent company Binance, and Changpeng Zhao with 13 charges, including trading in unregistered securities and creating a "web of deception."
In August, Tether scored a major legal victory for the entire crypto industry when a class action lawsuit brought by U.S. regulators over its USDT stablecoin was dismissed. The joint lawsuit by the New York Attorney General and the Commodity Futures Trading Commission had caused concern in the crypto community as it questioned USDT's support.
Read more: SEC may approve up to 12 Bitcoin ETF applications.
