Crypto Exchange Platform Binance Probed Over Suspected Money Laundering

Investigated by the U.S. Department of Justice and Internal Revenue Service.

Tech
7,060 Hypes 0 Comments

The U.S. Department of Justice and Internal Revenue Service have now launched a probe into crypto exchange platform Binance over suspected money laundering.

Incorporated in the Cayman Islands, Binance has largely operated outside the scope of U.S. regulations, and blockchain forensics firm Chainalysis — which works with various federal agencies — reported that more funds tied to criminal activity have flowed through Binance than any other crypto exchange on the market.

On top of money laundering, U.S. regulators are also looking into whether the crypto exchange allowed American investors to trade illegally. Binance is currently banned in the country since it offers various tokens and securities that aren’t registered with the U.S. Commodity Futures Trading Commission, and while the platform has rejected these claims, Bloomberg says that the company had previously advised its American customers to use VPNs to bypass these restrictions.

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion,” said Binance spokeswoman Jessica Jung in an emailed statement responding to the probe and reports. “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.”

Both the DoJ and IRS have refused to comment on the probe.

Elsewhere in related news, Dogecoin developers have revealed that Elon Musk has worked with them since 2019.

Read Full Article

What to Read Next

Crypto Exchange FTX Is Now Sponsoring TSM E-Sports Team
Gaming

Crypto Exchange FTX Is Now Sponsoring TSM E-Sports Team

In a move that will see TSM change its name to TSM FTX.

Millennial Millionaires Are Investing Big in Crypto, New Survey Shows
Tech 

Millennial Millionaires Are Investing Big in Crypto, New Survey Shows

The survey also recognized a generational divide in profit production from crypto.

Crypto Investors Declare 4/20 To Be Doge Day
Tech 

Crypto Investors Declare 4/20 To Be Doge Day

The coin jumped by 20 percent.


Ethereum Rises to Record High as Crypto Prices Continue To Surge
Tech 

Ethereum Rises to Record High as Crypto Prices Continue To Surge

Cryptocurrencies continue to make huge gains.

BoTT's SS21 Collection Is a Combination of '80s and '90s Design
Fashion

BoTT's SS21 Collection Is a Combination of '80s and '90s Design

From collegiate to band tee-inspired staples.

New 'Black Widow' Clip Sees Scarlett Johansson and Florence Pugh in High-Speed Chase
Entertainment

New 'Black Widow' Clip Sees Scarlett Johansson and Florence Pugh in High-Speed Chase

Marvel gives audiences a taste of the action-packed sequences expected to come.

SpaceX Plans To Set a Path for Starship's First Orbital Test Flight
Tech

SpaceX Plans To Set a Path for Starship's First Orbital Test Flight

Expecting to launch from South Texas and splash down in Hawaii.


Domino's Pizza Japan Launches Pizza Rice Bowl
Food & Beverage

Domino's Pizza Japan Launches Pizza Rice Bowl

Offered in seven different options.

DMX's 'EXODUS' to Feature JAY-Z, Nas, Griselda Records and More
Music

DMX's 'EXODUS' to Feature JAY-Z, Nas, Griselda Records and More

X’s posthumous album releases May 28.

Watch Henry Golding as 'Snake Eyes' in First Trailer
Entertainment

Watch Henry Golding as 'Snake Eyes' in First Trailer

The actor talks to HYPEBEAST on the upcoming reboot and the fight for greater Asian representation.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.