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The company’s representative explained after receiving a report that “US Department of Justice and tax authorities are investigating Binance”

Cryptocurrency

Reportedly investigating Binance

Binance, a major cryptocurrency exchange, has been found to be responding to a survey by the US Department of Justice and the Internal Revenue Service (IRS). Bloomberg reported on the 14th as a source story.

There was nothing wrong with the operation of Binance. The United States is investigating personal information about money laundering and tax violations as an activity to eradicate illegal activities.

Changpeng Zhao, CEO of Binance, also known as “CZ,” said on social media shortly after Bloomberg coverage.comment.. Although he did not give a specific name for the media, he said, “The article itself is not so bad, but the title as if it is being investigated by the authorities is not good,” he insisted as follows.

 

This article shows how Binance works with law enforcement agencies to eliminate crime.

 

However, it is an article that can give a bad impression.

Binance also quoted Bloomberg news in its official Twitter account: “We take legal obligations very seriously and have collaborative relationships with regulators and law enforcement agencies.”comment.. And it is explained as follows.

 

Binance has taken anti-money laundering measures and introduced tools used by financial institutions to help detect suspicious activity.

 

It has a track record of supporting authorities around the world, including the United States.

Strengthen regulatory compliance in the United States

Binance will discontinue service to US users in 2019 to comply with regulations. However, even after that, the Binance site “Binance.com” said that if you select “Not a resident of the United States”, you can access it from the United States, and a loophole was pointed out. Currently, apart from the original Binance, Binance.US provides services in the United States in accordance with regulations.

Binance has recently tightened its regulatory response in the United States. In March, he hired former US Senator Max Baucus as a regulatory advisor. To build strong relationships with US regulators and government agencies, Baucus will direct and provide advice on compliance and other policy policies. It is also in charge of discussions with US institutions and plays an important role in bridging with Binance.

Relation: Cryptocurrency exchange Binance appoints former U.S. lawmaker as regulatory advisor

In April, Binance.US announced that Brian Brooks, the former Deputy Secretary of the Office of the Comptroller of the United States, will be appointed CEO. With the aim of fostering compliance and enhancing products and services, it will work closely with industry stakeholders and policy makers to develop regulations so that Americans can benefit from cryptocurrencies and blockchain.

Relation: Former head of the Office of the Comptroller of the United States, CEO of the US version of Binance

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Author: K. Kobayashi
Reference: Bloomberg

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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