U.S. Lawmakers Urge DOJ to Consider Criminal Charges Against Binance and Tether for Funding Hamas

Lawmakers Call for DOJ Investigation

Two U.S. lawmakers are calling on the U.S. Department of Justice (DOJ) to investigate Binance and Tether for their alleged involvement in funding Hamas. U.S. Senator Cynthia Lummis from Wyoming and U.S. Representative French Hill from Arkansas have sent a letter to U.S. Attorney General Merrick Garland, urging the DOJ to swiftly investigate the two crypto platforms. The lawmakers claim that Binance and Tether have a history of allowing illegal activities and are providing material support to terrorism through violations of applicable sanctions laws and the Bank Secrecy Act.

Cracking Down on Bad Actors

Senator Lummis emphasized the importance of federal investigators cracking down on bad actors in the crypto asset space, especially after reports surfaced that showed Hamas using crypto assets to fund their war in Israel. In a social media post, she stated that crypto is not the enemy, but rather the bad actors who exploit it. The lawmakers are calling for a thorough investigation and consideration of criminal charges against Binance and Tether for their alleged involvement in illicit activities and serving as intermediaries for Hamas.

Unregulated Crypto Platforms and Illicit Finance

The lawmakers' letter highlights the reports of unregulated, centralized crypto platforms based outside the United States facilitating significant illicit finance activity, including terrorism financing for Hamas. The letter specifically mentions Binance as an unregulated crypto platform based in Seychelles and the Cayman Islands, which has been linked to illicit activity in the past and is currently under investigation by the DOJ. The lawmakers also accuse Tether of knowingly facilitating violations of sanctions laws and the Bank Secrecy Act by failing to conduct adequate customer due diligence.

Importance of Holding Bad Actors Accountable

The lawmakers stress the importance of holding bad actors accountable for facilitating illicit activities. They cite a Wall Street Journal article that reports Hamas, Palestinian Islamic Jihad, and Hezbollah receiving crypto funding since August 2021. Although the funding level mentioned in the article may not be accurate, the lawmakers believe it is crucial for the DOJ to take action against any facilitators of illicit activity.

Response from Blockchain Analytics Firm

Blockchain analytics firm Elliptic has clarified that there is no evidence to support the claim that Hamas has received significant volumes of crypto donations. The firm states that the data it provided has been misinterpreted, casting doubt on the allegations made against Binance and Tether.

Urging DOJ Action

The lawmakers conclude their letter by urging the DOJ to carefully evaluate the extent to which Binance and Tether are providing material support and resources to terrorism. They express strong support for swift action against the two crypto platforms to cut off funding sources for terrorists targeting Israel.

What are your thoughts on the lawmakers' call for DOJ investigation into Binance and Tether? Share your opinions in the comments section below.

Frequently Asked Questions

How much should precious metals be included in your portfolio?

Before we can answer this question, it is important to understand what precious metals actually are. Precious metals refer to elements with a very high value relative other commodities. This makes them extremely valuable for trading and investing. Gold is today the most popular precious metal.

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 also remains relatively unaffected by inflation and deflation.

In general, all precious metals have a tendency to go up with the market. But they don't always move in tandem with one another. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors are more likely to expect lower interest rates making bonds less attractive investments.

The opposite effect happens when the economy is strong. Investors choose safe assets such Treasury Bonds over precious metals. They are more rare, so they become more expensive and less valuable.

To maximize your profits when investing in precious metals, diversify across different precious metals. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.

What are the benefits of a Gold IRA?

The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It will be tax-deferred up until the time you withdraw it. You control how much you take each year. There are many types to choose from when it comes to IRAs. Some are more suitable for students who wish to save money for college. Others are made for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. But once they start withdrawing funds, those earnings aren't taxed again. This account may be worth considering if you are looking to retire earlier.

An IRA with a gold status is like any other IRA because you can put money into different asset classes. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.

Another benefit of owning gold through an IRA is that you get to enjoy the convenience of automatic withdrawals. This eliminates the need to constantly make deposits. You could also set up direct debits to never miss a payment.

Finally, the gold investment is among the most reliable. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even during economic turmoil, gold prices tend to stay relatively stable. Therefore, gold is often considered a good investment to protect your savings against inflation.

How much tax is gold subject to in an IRA

The fair value of gold sold to determines the price at which tax is due. You don't pay taxes when you buy gold. It is not income. If you sell it later, you'll have a taxable gain if the price goes up.

You can use gold as collateral to secure loans. When you borrow against your assets, lenders try to find the highest return possible. In the case of gold, this usually means selling it. The lender might not do this. They may just keep it. They may decide to resell it. You lose potential profits in either case.

In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It's better to keep it alone.

What are some of the advantages and disadvantages to a gold IRA

An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. An IRA is a good choice for those who want a way to save some money but don’t want the tax. However, there are also disadvantages to this type of investment.

If you withdraw too many funds from your IRA at once, you may lose all your accumulated assets. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do withdraw funds, you'll need to pay a penalty.

You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management costs ranging from $10-50.

Insurance is necessary if you wish to keep your money safe from the banks. Insurance companies will usually require that you have at least $500,000. You might be required to buy insurance that covers losses up to $500,000.

If you decide to open a gold IRA, it is important to know how much you can use. Some providers limit the amount of gold that you are allowed to own. Others allow you to pick your weight.

Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. Physical gold is more costly than gold futures. Futures contracts allow you to buy gold with more flexibility. They let you set up a contract that has a specific expiration.

It is also important to choose the type of insurance coverage that you need. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does include coverage for damage due to natural disasters. Additional coverage may be necessary if you reside in high-risk areas.

Insurance is not enough. You also need to think about the cost of gold storage. Storage costs are not covered by insurance. In addition, most banks charge around $25-$40 per month for safekeeping.

A qualified custodian is required to help you open a Gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians don't have the right to sell assets. Instead, they must maintain them for as long a time as you request.

After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. It is also important to specify how much money you will invest each month.

Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. The company will review your application and send you a confirmation letter.

When opening a gold IRA, you should consider using a financial planner. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. They can help you find cheaper insurance options to lower your costs.

Is the government allowed to take your gold

Your gold is yours, so the government cannot confiscate it. It's yours, and you earned it by working hard. It belongs to your. There may be exceptions to this rule. Your gold could be taken away if your crime was fraud against federal government. Your precious metals can also be lost if you owe tax to the IRS. You can keep your gold even if your taxes are not paid.

Which precious metals are best to invest in retirement?

The best precious metal investments are gold and silver. Both are easy to sell and can be bought easily. They are a great way to diversify your portfolio.

Gold: Gold is one the oldest forms currency known to man. It is very stable and secure. It's a great way to protect wealth in times of uncertainty.

Silver: The popularity of silver has always been a concern for investors. It's a good choice for those who want to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.

Platinum: This precious metal is also becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. It is however more expensive than its counterparts.

Rhodium: Rhodium is used in catalytic converters. It is also used in jewelry-making. It is also very affordable in comparison to other types.

Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.

Statistics

If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
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. (forbes.com)
You can only purchase gold bars at least 99.5% purity. (forbes.com)

External Links

How To

How to Buy Physical Gold in An IRA

An easy way to invest gold is to buy shares from gold-producing companies. This method is not without risks. There's no guarantee these companies will survive. There is always the chance of them losing their money due to fluctuations of the gold price.

The alternative is to buy physical gold. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. The advantages of this option include the ease of access (you don't need to deal with stock exchanges) and the ability to make purchases when prices are low. It's also easy to see how many gold you have. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. There's also less chance of theft than investing in stocks.

There are also some drawbacks. For example, you won't benefit from banks' interest rates or investment funds. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. The taxman might also ask you questions about where your gold is located.

BullionVault.com has more information about how to buy gold in an IRA.

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By: Kevin Helms
Title: U.S. Lawmakers Urge DOJ to Consider Criminal Charges Against Binance and Tether for Funding Hamas
Sourced From: news.bitcoin.com/us-lawmakers-ask-doj-to-consider-criminal-charges-against-binance-and-tether/
Published Date: Sat, 28 Oct 2023 03:00:34 +0000