Lawmakers Call for DOJ to Consider Criminal Charges Against Binance and Tether


Two U.S. lawmakers have recently urged the U.S. Department of Justice (DOJ) to investigate and potentially levy criminal charges against Binance and Tether. The lawmakers have alleged that these two cryptocurrency platforms were used to fund Hamas, a designated terrorist organization. The request for investigation highlights concerns about illicit activities and the need to crack down on bad actors in the crypto space.

Lawmakers Push for Investigation

U.S. Senator Cynthia Lummis and U.S. Representative French Hill have jointly sent a letter to U.S. Attorney General Merrick Garland, urging the DOJ to swiftly investigate Binance and Tether. The lawmakers have expressed their concerns over the alleged use of these platforms to fund Hamas and their history of allowing illegal activities to occur.

Senator Lummis, who is a member of the Senate Banking Committee, emphasized the importance of federal investigators taking action against bad actors in the crypto asset space. She highlighted reports that indicated Hamas had utilized crypto assets to fund their war efforts in Israel.

Request for Criminal Charges

The letter sent by the lawmakers called for a thorough evaluation of the extent to which Binance and Tether are providing material support and resources for terrorism through violations of applicable sanctions laws and the Bank Secrecy Act. The lawmakers urged the DOJ to reach a charging decision that reflects the level of culpability of these platforms and to conclude ongoing investigations into the illicit activities involving Tether.

Allegations and Wall Street Journal Article

The lawmakers cited an article published by the Wall Street Journal, which reported that Hamas, Palestinian Islamic Jihad, and Hezbollah had received crypto funding since August 2021. While acknowledging that the funding levels mentioned in the article may not be entirely accurate, the lawmakers emphasized the importance of holding bad actors accountable if they are found to facilitate illicit activities.

However, it is worth noting that blockchain analytics firm Elliptic recently clarified that there is no evidence to support the claim that Hamas has received significant volumes of crypto donations. The firm clarified that its data had been misinterpreted.

Concerns Regarding Binance and Tether

In their letter, the lawmakers described Binance as an unregulated crypto platform based in Seychelles and the Cayman Islands, which has been historically linked to illicit activity. They also pointed out that Binance is currently the subject of a Department of Justice investigation.

Regarding Tether, the lawmakers stated that it is well-known that the platform is knowingly facilitating violations of applicable sanctions laws and the Bank Secrecy Act. They alleged that Tether fails to conduct adequate customer due diligence and screenings, despite being aware that its product is used to facilitate terrorism and other illicit activities.


The lawmakers concluded their letter by urging the Department of Justice to carefully evaluate the extent to which Binance and Tether are providing material support and resources for terrorism through violations of applicable sanctions laws and the Bank Secrecy Act. They expressed strong support for swift action by the DOJ against these platforms to cut off sources of funding to terrorists targeting Israel.

It remains to be seen how the Department of Justice will respond to these calls for investigation and potential criminal charges against Binance and Tether. The outcome of this case could have significant implications for the crypto industry and its regulation.

What are your thoughts on the lawmakers' request for the DOJ to consider criminal charges against Binance and Tether? Let us know in the comments section below.

Frequently Asked Questions

Can I purchase gold with my self directed IRA?

However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. You can also transfer funds from another retirement account if you already have one.

The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.

You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments that are based on gold's price. You can speculate on future prices, but not own the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.

What precious metal is best for investing?

This depends on what risk you are willing take and what kind of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. You might not want to invest in gold if you're looking for quick returns. You should invest in silver if you have the patience and time.

If you don’t desire to become rich quickly, gold may be your best option. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.

What are the fees associated with an IRA for gold?

$6 per month is the Individual Retirement Account Fee (IRA). This includes the account maintenance fees and any investment costs associated with your chosen investments.

Diversifying your portfolio may require you to pay additional fees. These fees vary depending on what type of IRA you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.

Most providers also charge annual management costs. These fees range between 0% and 1 percent. The average rate is.25% each year. These rates are often waived if a broker like TD Ameritrade is used.

Who is the owner of the gold in a gold IRA

The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.

To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.

Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.

You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.

You should consult a financial planner or accountant to see what options are available to you.

How much of your portfolio should you hold in precious metals

This question can only be answered if we first know what precious metals are. Precious elements are those elements which have a high price relative to other commodities. This makes them extremely valuable for trading and investing. The most traded precious metal is gold.

But, there are other types of precious metals available, including platinum and silver. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It is also unaffected significantly by inflation and Deflation.

All precious metals prices tend to rise with the overall market. That said, they do not always move in lockstep with each other. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. Investors expect lower interest rates which makes bonds less appealing investments.

Contrary to this, when the economy performs well, the opposite happens. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. These precious metals are rare and become more costly.

It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.


  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (
  • Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (
  • This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (
  • If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (
  • (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (

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The History of Gold as an Asset

From the ancient days to the early 20th Century, gold was a common currency. It was accepted worldwide and became popular due to its durability, purity, divisibility, uniformity, scarcity, and beauty. In addition, because of its value, it was traded internationally. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. For example, in England, one pound sterling was equal to 24 carats of silver; in France, one livre tournois was equal to 25 carats of gold; in Germany, one mark was equal to 28 carats of gold; etc.

In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). The result was a decrease in foreign currency demand, which led to an increase in their price. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. They sold some of their excess gold to Europe to pay off the debt.

Many European countries didn't trust the U.S. dollars and started to accept gold for payment. Many European countries began to use paper money and stopped accepting gold as payment after World War I. The price of gold rose significantly over the years. Although the price of gold fluctuates today, it remains one of your most safe investments.

By: Kevin Helms
Title: Lawmakers Call for DOJ to Consider Criminal Charges Against Binance and Tether
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Published Date: Sat, 28 Oct 2023 03:00:34 +0000

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