Money

Binance Holdings under investigation

Published

3 years ago

May 14, 2021

Binance Holdings, the world’s biggest cryptocurrency exchange platform, is under investigation by the US Justice Department and Internal Revenue Service

It comes as the nation moves to ensure that any illicit and illegal activity within the mostly unregulated sector is brought to light.

Money laundering and tax officials are reportedly seeking information from individuals who have insight and understanding of Binance Holding’s business model and operations.

Based in the Cayman Islands, the company has largely avoided U-S government oversight, until now.

Last year, a report detailed that Binance was home to more criminal activity than any other crypto exchange platform.

Company spokesperson Jessica Jung says Binance takes its legal obligations very seriously and always engages with regulators in a collaborative fashion.

US bodies have express concern that the platform is being used to conceal illegal transactions, including theft and drug deals.

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William Howard

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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The mounting pressure on Government spends

Published

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