Binance is under heavy fire after allegations have rained down on them, suggesting that they have allowed Americans to use their platform for illegal transactions and money laundering using cryptocurrency. Now, the Internal Revenue Service (IRS) and US Department of Justice (DOJ) would look into Binance's transactions to learn the truth behind the claims.
One of the world's most popular trading platforms for cryptocurrency is Binance, and it has grown a lot in the past years, leading to the company establishing its self-named blockchain coin system that ranks third in the world. The success of Binance has made it as prominent as other platforms with the likes of Robinhood, eToro, and Coinbase.
Binance has also allowed a lot of cryptocurrencies to thrive on its platform, including the likes of Dogecoin, Shiba Inu, Internet Computer, and Tesla Coin, which have been controversial in the past. Moreover, the CEO of Binance is known to be vocal about the different trends going on under the cryptocurrency world, recently commenting on Ethereum's surge on the platform.
Binance Under IRS, DOJ Investigation for Alleged Illegal Transactions
Now, Binance is under massive talks and popularity but for unthinkable and unexpected reasons, which talks about allegations that the cryptocurrency platform allows illegal transactions within its operations. This transaction points to the use of Binance to allow money laundering, using the platform to purchase cryptocurrency using dirty money.
According to Bloomberg, while there are no exact proofs or crimes are insinuated over Binance as of the present, officials centering on tax offenses and money laundering has been looking into its transactions. This highly suggests that Binance has been suspected of these crimes, but are yet to be proven via the investigations by these entities.
Still, Binance remains innocent until proven guilty, with the IRS and DOJ still studying the records and transactions within the company's portfolio and other documents available. Rumors have been spreading for a long time now, but Binance remains silent over the issues and reserves the right to self-preservation until proven otherwise.
Binance Money Laundering Rumors
These rumors have been circulating online, suggesting that the popular crypto exchange company has been allowing these kinds of transactions to happen within its jurisdiction and platform. However, it was said that Binance has been preventing these attempts by freezing said accounts whenever something pops up on their radar (via The Verge).
ChainAnalysis's blog suggests that Binance has been allowing alleged money laundering, presenting evidence that $756 million of the $2.8 billion Bitcoin transactions went through its platform. While this is yet to be proven, Binance steers clear of any claims against its company and well-being, aiming to clear its name of the serious allegations.
This article is owned by Tech Times
Written by Isaiah Richard