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FLASH: Binance Under Investigation By U.S. Authorities by Shukushaka: 9:05pm On May 13
FLASH: Binance under investigation by U.S. authorities

The underlying concern is that cryptocurrencies are being used to conceal illegal transactions, including theft and drug deals, and potential tax evasion from traders.

HILLARY ESSIEN • MAY 13, 2021

Cryptocurrency exchange platform Binance is currently being investigated by the U.S. Internal Revenue Service (IRS) as well as the Department of Justice (DOJ).

Binance is the globe’s largest crypto exchange, but closed itself off to U.S. users last year, moving them to Binance.US

The news has affected Binance Coin (BNB-USD) down by nearly 12 per cent for the session.

Bloomberg reports that officials from the DOJ and the IRS have “sought information from individuals with insight into Binance’s business,” without naming sources. The report notes that the federal agencies have not accused Binance of wrongdoing.”

This investigation is not the first time the trading platform has been scrutinized.

In March, Bloomberg reported that the trading platform was facing an inquiry from the Commodity Futures Trading Commission (CFTC) over whether the exchange allowed U.S. residents to trade on its platform.

The Financial Times reported that European regulators, including the UK’s Financial Conduct Authority (FCA), sought to examine whether Binance complied with security rules before launching trading in stock tokens.

The underlying concern is that cryptocurrencies are being used to conceal illegal transactions, including theft and drug deals, and potential tax evasion from traders. 

In response, Binance had clarified that the company follows U.S. rules and uses technology to check transactions for signs of money laundering and other illicit activity.  

https://gazettengr.com/flash-binance-under-investigation-by-u-s-authorities/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

Re: FLASH: Binance Under Investigation By U.S. Authorities by Freestainworld(m): 9:11pm On May 13
If it was owned by an American, they will praise the milestone of the aite

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Re: FLASH: Binance Under Investigation By U.S. Authorities by Hashabiah: 9:14pm On May 13
Americans and they outrageous sense of stalking businesses that don't bow to their terms
Re: FLASH: Binance Under Investigation By U.S. Authorities by budaatum: 9:47pm On May 13
Freestainworld:
If it was owned by an American, they will praise the milestone of the site

I think they investigate American owned too.

The investigation adds to the U.S.’s growing crackdown on crypto. The CFTC has already sued BitMEX for failing to register as a broker, with the exchange’s market share declining since it became a target of regulatory scrutiny. Coinbase Global Inc., the U.S.’s biggest crypto exchange, also disclosed last month that it’s responding to a wide-ranging CFTC probe. Investors from around the world have flocked to exchanges like Binance and BitMEX because of the extreme levels of leverage that customers can employ while trading.
Phttps://www.bloomberg.com/news/articles/2021-03-12/crypto-exchange-binance-investigated-by-u-s-over-who-s-trading

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