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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.








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