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Cryptocurrency: Binance faces probe From DOJ and IRS

Binance, the world’s largest cryptocurrency exchange, is reportedly facing a federal investigation by the U.S. Department of Justice and the Internal Revenue Service.

According to a Bloomberg report, officials from the DOJ and the IRS have “sought information from individuals with insight into Binance’s business,” citing unnamed sources. Bloomberg’s report noted that “the federal agencies haven’t accused Binance of wrongdoing.”

Binance is being probed under the assumption that it could be immersed in money laundering transactions. The investigation comes after Germany’s financial regulator BaFin last month warned that Binance risked being fined for offering its securities-tracking digital tokens without publishing an investor prospectus.

We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion,” a Binance spokeswoman said in a statement. “We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”

The market reacted very poorly to this news, with most of the top cryptocurrencies dumping prices down double digits. Bitcoin fell 10% after the news, continuing the negative run it experienced after Tesla announced it would stop accepting bitcoin as payment for its vehicles due to environmental considerations.

Read Also: Tesla will no longer accept Bitcoin – Elon Musk

Source: Bloomberg

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