June 25, 2021

FUD Alert: US Federal Agencies Question Binance, No Accusations of Wrong Doing

3 min read

Binance, the world’s leading cryptocurrency exchange is supposedly dealing with an investigation from Justice Department and IRS according to a report from Bloomberg. The report mentions that the company involved in examining money laundering and tax offenses has sought information on crypto deals on Binance.

While there is no direct accusation as such from either of the 2 pointed out firms, the report mentions close anonymous sources to declare investigation firms have sought necessary trading information on exchange from individuals familiar with Binance companies which don’t amount to an examination.

Binance spokeswoman Jessica Jung in a main statement said that the company can not comment on matters under investigation but reassured they would deal with the agencies and offer complete cooperation in the matter. She stated,

“We take our legal commitments extremely seriously and engage with regulators and police in a collective fashion. We have actually striven to develop a robust compliance program that includes anti-money laundering concepts and tools utilized by financial institutions to spot and resolve suspicious activity.”

Changpeng Zhao, the CEO of the company sent a puzzling tweet right after the news broke out.