Binance Under Scrutiny: The Elusive Cryptocurrency Exchange

On May 13, we found out about the U.S. Justice Department and the Internal Revenue Service inspections on Binance. What could lead to this interest in the company from these authorities? How will it affect Binance’s own token trading platform?

Binance Under Scrutiny: The Elusive Cryptocurrency Exchange

Yesterday (May 13), the U.S. Department of Justice and the Internal Revenue Service started to investigate Binance, which is one of the world’s largest cryptocurrency exchanges. So far, they have not charged it with any crimes or done anything against it.

Binance CEO Changpeng Zhao is not happy with the way the media are presenting information about the investigation. He said that Binance has been cooperating with law enforcement agencies to fight against crime.

Binance has already come under the scrutiny of U.S. regulators. In March 2021, the site became the subject of an investigation by the Commision on Futures Trading (CFTC). The regulator investigated the company’s operations to determine whether U.S. residents were allowed to trade crypto derivatives in the absence of an appropriate license. Changpeng Zhao made a similar statement at the time that Binance cooperates with regulators around the world and strictly complies with all regulatory requirements.

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