Binance Faces Federal Investigation by Money Laundering and Tax Evasion Sleuths

Major cryptocurrency exchange Binance Holdings Ltd is currently under investigation by the Internal Revenue Service and the Justice Department, as the US government ramps up efforts to uncover illicit activity that has been thriving in the largely unregulated digital currency market.

According to Bloomberg, which cited sources familiar with the confidential probe, government officials have been seeking information from individuals familiar with Binance’s business dealings, over suspected money laundering and tax evasion. Binance, which is incorporated in the Cayman Islands but lacks corporate headquarters despite having an office in Singapore, has gone relatively unscathed from government oversight thus far.

The latest news have sent more shockwaves throughout the crypto market, as prices were already subject to volatility following an onslaught of Tesla CEO Elon Musk’s bitcoin and dogecoin tweets. Regulators have long been concerned about the use of cryptocurrencies in illegal activities, given their opaque nature.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Binance’s CZ Is Fulfilling What FTX’s SBF Set Out To Do In The Crypto World

Once called the “crypto Robin Hood” with “savior complex,” FTX’s Sam Bankman-Fried wanted to save...

Monday, November 14, 2022, 12:40:00 PM

China’s Central Bank to Begin Digital Currency Trials

China’s central bank has been granted approval to begin a pilot project which will see...

Thursday, April 16, 2020, 06:55:44 PM

After Binance Crackdown, Is Tether Next?

In a development reminiscent of Binance’s year-long tussle with the Justice Department, Tether, the widely...

Tuesday, November 28, 2023, 03:37:13 PM

Binance Invests $200 Million in Forbes in Effort to Educate Consumers on Crypto Markets

Binance, the largest cryptocurrency exchange in the world, has decided to begin cleaning up its...

Saturday, February 12, 2022, 03:08:00 PM

Ray Dalio: Bitcoin Is ‘One Hell Of An Invention’ That Comes With Serious Risks

The unprecedented global economic contraction and the resulting quantitative easing policies have created an environment...

Sunday, January 31, 2021, 11:15:00 AM