US lawmakers are urging the Justice Department to investigate Binance and Tether for their alleged involvement in facilitating illicit financing for terrorist groups, including Hamas. In a letter to Attorney General Merrick Garland, Senator Cynthia M. Lummis and Representative French Hill called for decisive action if the firms are found complicit. The lawmakers highlighted Binance’s history of ties to illicit financing and its failure to freeze accounts linked to Hamas, suggesting that it may constitute providing material support to terrorists under federal law. They also raised compliance questions regarding Tether, despite reports of freezing addresses connected to Hamas at the request of Israeli authorities. The letter emphasized the need for consequences for bad actors enabling illegal activities, as cryptocurrencies face increased scrutiny for potential sanctions evasion and terrorism funding. However, the lawmakers stressed the importance of distinguishing compliant firms from those unlawfully exploiting the technology, expressing concerns about the impact on lawful innovation if the actions of a few cast suspicion on the entire industry. The investigation by the Justice Department and any subsequent actions could have significant implications for policy and enforcement related to illicit crypto financing.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Middle East
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	French Hill, Cynthia M. Lummis
Companies	Binance, Tether, Hamas, DOJ
Currencies	None
Securities	None