US government investigating Binance
The United States government has been following the activities of cryptocurrency exchanges in recent months. This time, they have turned their attention to Binance, one of the largest cryptocurrency exchanges in the world by market cap.Bloomberg reported earlier today that the United States DOJ and the IRS are looking into the company's cryptocurrency exchange's activities. This is in an effort to eliminate illicit activities in the crypto market, the report added.
Officials in charge of investigating money laundering and tax offenses are seeking information about Binance’s businesses. The US officials are concerned that cryptocurrencies are at the forefront of illegal transactions like thefts and drug deals. Furthermore, the tax agency is concerned that Americans who made profits from the crypto market are evading taxes.
Although the DOJ and IRS probes are looking at potential criminal violations, the sources didn’t divulge the specifics of what the agencies are looking for. Amongst the officials heading the investigations are prosecutors within the DOJ’s bank integrity unit. Similarly, the IRS has been following Binance’s financial activities over the past few months. A source added that the tax agency is reviewing Binance’s conduct as well of that of its customers.
Binance isn’t accused of any wrongdoing
Despite the probe, government officials have yet to accuse Binance of any wrongdoings. To that end, Binance spokeswoman Jessica Jung said, “We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”Binance is the leading crypto exchange in terms of daily trading volume, according to Coinmarketcap. Bloomberg noted that the US Commodity Futures Trading Commission (CFTC) is also investigating the exchange to see whether it allows Americans to buy derivatives linked to cryptocurrencies. However, the exchange’s CEO Changpeng Zhao has always maintained that Binance closely obeys US rules.
He aadded that the platform blocks Americans from its platforms. In addition, it utilizes advanced technology to properly analyze transactions for signs of money laundering and other illegal activities.
At the time of this report, spokespeople for the DOJ and IRS declined to comment on the matter.
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