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Binance is Being Investigated by the IRS and DOJ

A report by Bloomberg has revealed that the leading crypto exchange, Binance, is currently under investigation by the U.S Internal Revenue Service and Department of Justice for an unspecified reason.

Although the agencies are not accusing the crypto exchange of any specific wrongdoing, the Bloomberg report noted that the regulators had “sought information from individuals with insight into Binance’s business”

Binance CEO, Changpeng Zhao, shortly after the release of the Report today, posted on his Twitter, “So much FUD today. It’s a pain for some, an opportunity for others.”

It is noteworthy that this is not the first time Binance faces investigation, as it had a similar one Mid-March when it met an inquiry from the CFTC over the availability of its exchange to the U.S. residents. Similarly, it has faced regulatory scrutiny in Europe.

Binance spokesperson, who commented on the development, stated that the company had always strictly observed all of its legal obligations and regulations.

According to the official Twitter handle of the exchange

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. We have a strong track record of assisting law enforcement agencies around the world, including in the United States. We don’t comment on specific matters or inquiries.

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