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May 14, 2021
According to a bombshell report in Bloomberg, Binance Holdings Ltd., the world’s largest cryptocurrency exchange, is under investigation by the Internal Revenue Service and the Justice Department.
Anonymous sources told Bloomberg that officials specializing in the investigation of money laundering and tax evasion are now questioning individuals with knowledge on Binance’s business.
In an emailed statement to Bloomberg, Binance spokeswoman Jessica Jung said: “We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. 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.”
Binance faces probe by U.S. money-laundering and tax sleuths
Tom Schoenberg, Bloomberg News The Binance Exchange application for download in the Apple Inc. App Store on a smartphone arranged in Dobbs Ferry, New York. Photographer: Tiffany Hagler-Geard/Bloomberg , Bloomberg
Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the worldâs biggest cryptocurrency exchange in U.S. efforts to root out illicit activity thatâs thrived in the red-hot but mostly unregulated market.
As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binanceâs business, according to people with knowledge of the matter who asked not to be named because the probe is confidential. Led by Changpeng Zhao, a charismatic tech executive who relishes promoting tokens on Twitter and in media interviews, Binanc
Binance probed by U S as money laundering, tax sleuths bore in americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Binance probed by US as money-laundering, tax sleuths bore in
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Last Updated: May 13, 2021, 10:59 PM IST
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Synopsis
The US Justice Department and IRS are seeking information from Binance, as part of the Biden administration s efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated cryptocurrency market.
Binance Holdings Ltd. is under investigation by the US Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in US efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.
As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business, according to people with knowledge of the matter who asked not to be named because the probe is confidential. Led by Changpeng Zhao, a charismatic tech executive who relishes promoting tokens on Twitter and in medi