Surrounded by the world’s largest cryptocurrency exchange investigation, the US agency launched an investigation into a number of cases
The cryptocurrency exchange has come under the scanner.
According to a Bloomberg report, the US Internal Revenue Service and the Department of Justice have begun investigating Binance on various matters.
The report said that expert officers investigating money laundering and tax crime are keeping a special watch on Binance’s business. Binance is the world’s largest cryptocurrency exchange
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Established in 2017, Binance is the largest cryptocurrency exchange in the world. It is incorporated in the Cayman Islands and has an office in Singapore. According to Bloomberg,
the US Commodity Futures Trading Commission (CFTC) is investigating whether Binance allowed Americans to trade on its platform by allowing them to buy derivatives linked to digital tokens.
US residents may only purchase this type of product from firms registered with the CFTC. Binance has previously stated that it prohibits Americans from conducting illegal
transactions on its website and warns that the accounts of the violators will be frozen. Suspicious of $ 756 million illegal transaction
Cryptocurrency analytics firm Chainalysis reported in 2019 that out of criminal transactions worth $ 2.8 billion, $ 756 million is Bitcoin cryptocurrency, which has been through Binance.
A Binance spokesman said the company “does not comment on specific matters or inquiries”.
In an email reply, Binance told some media platforms that the company “takes its legal obligations very seriously.
We have a strong track record of helping law enforcement agencies around the world, including the US.
According to the bill experts, in the last few months, the wild booming of many cryptocurrencies, including Bitcoin, is also being monitored by the responsible people.
Bitcoin has made a record increase in the last one year. Although crypto currency is banned in various countries including India.
