Skip to main content

BITCOIN TRADES

Crypto exchange Binance under investigation for facilitating illegal Bitcoin trades



HIGHLIGHTS

  1. Binance is reportedly under investigation in the US.
  2. The investigation intends to find out if Americans were able to make illegal trades through Binance.
  3. Officials who handle money laundering and tax offences are looking into the matter

Cryptocurrency exchange Binance is reportedly undergoing an investigation for possibly facilitating illegal trades through its platform. The exchange might have helped in Bitcoin transactions worth around $756 million in 2019 that were associated with criminal activities.

A recent report by Bloomberg highlights the ongoing investigation by the Internal Revenue Service and the Department of Justice, US. Binance is being investigated on the possible charges by officials who particularly handle money laundering and tax offences.

The investigation aims to find out if Americans were able to make illegal trades through Binance by buying derivatives linked to digital tokens. US residents are only allowed to purchase these from companies registered with the CFTC. Binance has only been planning to register as a broker with the CFTC and has not done so till now.

The report mentions that the details of the investigation or what the agencies are examining couldn’t be determined at the time. It also clears that the inquiries may not necessarily lead to allegations of wrongdoing

Chainalysis, a Cryptocurrency analytics firm, reported that around $756 million of $2.8 billion worth of criminal transactions in 2019 were carried out through Binance. These fund transfers were made in Bitcoins.

In an email to The Verge on the topic, Binance has mentioned that it takes such legal obligations very seriously. It said that it has a robust compliance program in place that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity. The response even mentioned Binance having a strong track record of assisting law enforcement agencies around the world.








Comments

Post a Comment

Popular posts from this blog

TECH CRUNCH

 TechCrunch Founder : Michael Arrington, Keith Teare Year Started : 2005 Domain Authority : 94 Invest yourself in the business-verse of the tech world with one of the most popular technology blogs thriving this year- TechCrunch. The blog publishes content on businesses related to tech, analysis of emerging trends in tech, technology news, and listings of new tech products in the market. It is one of the first publications to report broadly on tech startups and funding rounds. TechCrunch offers knowledge about new gizmos and business-related apps. It is like a reservoir of information on Internet companies & startups around the world .
Post a Comment
Read more

Airtel 5G

  Airtel claims to have the capability to operate its 5G network over existing technology- neutral spectrum in both mid-bands and sub-GHz bands. New Delhi, January 28, 2021:  In a major landmark, Bharti Airtel (“Airtel”), India's premier communications solutions provider, announced that it has become the country's first telco to successfully demonstrate & orchestrate LIVE 5G service over a commercial network in Hyderabad city. Airtel on Thursday announced that it had become the first telco to successfully demonstrate live 5G service over a commercial network in Hyderabad. Taking on Reliance Jio, the New Delhi-based telco stated that it operated 5G and 4G concurrently over the existing liberalised spectrum in the 1800MHz band through the Non-Standalone (NSA) network technology. Airtel 5G is touted to deliver 10 times the speed of existing network technologies — allowing users to download a full-length movie in a matter of seconds on a 5G phone. Airtel  worked with it...
Post a Comment
Read more

CNET

  CNET Founder:  Halsey Minor, Shelby Bonnie Year Started:  1994 Domain Authority:  93 Following the latest trends in consumer technology with steadfast precision,  CNET  is one of the top technology blogs you can find on this list. CNET stays ahead of the curve by spreading its hands on all sorts of incredible tech products, trends and offering unbiased reviews. It offers trusty guides, instructional videos, and up-to-the-minute news on everything from technology to sports. Especially, when considering to buy a new gadget, CNET should be your first stop to provide a genuine review, pricing, making it one of the best technology blogs to check out.  
1 comment
Read more