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BREAKING: Binance Under Investigation by DOJ and IRS

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Thu, 05/13/2021 - 16:55
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Alex Dovbnya
Leading cryptocurrency exchange Binance is facing investigations from the U.S. government
BREAKING: Binance Under Investigation by DOJ and IRS
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Binance, the largest exchange by trading volume, is facing money laundering and tax evasion investigations from the U.S. Justice Department and the Internal Revenue Service, according to Bloomberg

The government agencies haven't accused the exchange of any wrongdoing yet. 

Binance spokesperson Jessica Jung claims that the company takes its legal obligations "very seriously": 

We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion.  

In March, Bloomberg also reported that the top exchange was being investigated by the Commodity Futures Trading Commission (CFTC). The report was dismissed as fear, uncertainty, and doubt ("FUD") by Binance CEO Changpeng Zhao.    

Zhao has already taken to Twitter to comment on the most recent news. 

CZ
Image by @cz_binance

In a follow-up tweet, he adds that the exchange is actually collaborating with the agencies to fight bad actors.      

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Binance Coin (BNB) has plunged over 12 percent over the last 24 hours, with Ethereum and Bitcoin also being under severe pressure.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.