‘This Is Gonna Go On for Some Time,’ US Regulators Investigating Binance – Report

‘This Is Gonna Go On for Some Time,’ US Regulators Investigating Binance – Report

News
May 15, 2021 by J.D. Smith
7
The investigation into global cryptocurrency exchange Binance by US authorities could take years before it reaches its conclusion. On Friday, news outlet Bloomberg sent shockwaves through the cryptoverse after reporting that Binance is being investigated by officials who probe money laundering and tax offenses. ADVERTISEMENT The officials involved include prosecutors from the Justice Department’s bank

The investigation into global cryptocurrency exchange Binance by US authorities could take years before it reaches its conclusion.

On Friday, news outlet Bloomberg sent shockwaves through the cryptoverse after reporting that Binance is being investigated by officials who probe money laundering and tax offenses.

ADVERTISEMENT

The officials involved include prosecutors from the Justice Department’s bank integrity unit and investigators from the U.S. Attorney’s Office in Seattle. In addition, a source close to the matter discloses that the Internal Revenue Service (IRS) is also reviewing the conduct of Binance’s employees as well as its customers.

In response to the Bloomberg report, Binance CEO Changpeng Zhao tells his 2.2 million followers that the Bloomberg report is actually just a description of how the global crypto exchange is cooperating with authorities to weed out illicit activity.

“The ‘news’ title is bad. The article itself isn’t so bad actually (but who reads). It described how Binance collaborated with law enforcement agencies to fight bad players but somehow made it look like a bad thing… Anyways. Back to work.”

Meanwhile, Bloomberg reporter Jesse Westbrook says the probe is complex and has been going on for many months.

“When you talk about a criminal investigation, it’s much harder to prosecute than say a civil investigation that an agency like the Securities and Exchange Commission would pursue…

So you know these investigations take months, more likely even years. So this is not something where you launch investigations and we see indictments flying immediately and perp walks and that sort of thing. This is going to go on for some time.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

ADVERTISEMENT

ADVERTISEMENT

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong