Binance, the world’s largest cryptocurrency exchange, is under investigation by a laundry list of US government agencies, including the US Justice Department, the Internal Revenue Service, and the Commodity Futures Trading Commission, according to a report by Bloomberg. The agencies are probing Binance for potential criminal violations, the report says, though the company has not been accused of any wrongdoing.
The investigations come on the heels of a report by Chainalysis that traced $2.8 billion worth of illicit bitcoin on exchange and trading platforms. Of that, $756 million went through Binance. Most of the suspect accounts received small amounts, but the majority of the illicit cryptocurrency flowed to a few hundred accounts that received between $100,000 to $100 million. Government officials are said to be focused on money laundering and tax evasion.
https://arstechnica.com/tech-policy/2021/05/binance-the-biggest-cryptocurrency-exchange-reportedly-under-investigation/ Apparently Binance is under investigation, not by one but many sections of the government.
They are mainly focused on :
•Tax frauds
•Money laundering
Now the government is going to take strict actions against all the people who were involved, especially the trading platform, if found guilty. They have already said that 756 million dollars went through binance. Which is actually a big amount. Now should the people be held liable or the trading platform?
- Ofc some of it might have been the mistake of binance also but at the same time as we all know it's super secure and needs a lot of documents, identification which gets verified after a while. Which does mean that if the people had valid documents .. would it still be okay to blame binance?
It's world's biggest and most trusted trading platform. I for sure hope that they are able to provide a reliable reason so as to why all the wallets transactions were not properly monitored and at the same time how could such frauds remain unnoticed?
-Well binance is going a lil slow since some of my friends tried signing up and they said it would take much longer than usual.. due to huge trading volumes. But who knows ? Maybe they are just struggling with investigations.
What do you think ?
This could be a big deal.
Would it drive the price down ?
I think it could have a bit of influence on some particular Cryptos which are not listed everywhere. For example Shiba is still being listed but slowly. Therefore it might cause a decrease in Price of such cryptocurrencies if there are some problems.
