Binance is the world’s largest cryptocurrency exchange. The service was established in 2017 and is headquartered in the Cayman Islands and is a well-known tax haven.
However, Binance is now being investigated by the US Department of Justice and the US Internal Revenue Service. The subject of the dispute is suspicion of money laundering and tax offenses.
Sure, those who follow the cryptocurrency market are already accustomed to a certain set of concepts and platforms. CoinMarketCap, Coinbase, Binance, Ethereum, Bitcoin, Dogecoin and others are the most covered terms when it comes to digital currencies.
Cryptocurrency is without a doubt one of the most discussed and controversial topics of the moment. And every day there is favorable and less useful news for this segment.
Binance is being investigated for money laundering and tax offenses
Binance, The world's largest cryptocurrency exchange is now being investigated by the US Department of Justice and the US Internal Revenue Service on suspicion of money laundering and tax crimes.
The platform is based in the Cayman Islands, a tax haven linked to tax evasion. Additionally, the company also has an office in Singapore. This way, it is possible that the platform evaded a large amount of taxes.
to me DecompositionBinance, a company that specializes in analyzing the cryptocurrency market, was the primary cryptocurrency exchange through which funds obtained through illegal activities were routed. The values were not low at all.
Chainalysis estimates that Binance has authorized more than $ 756 million in illegal activities. That's a big chunk of its $ 2.8 billion flow last year.
A Binance spokesperson added that the company takes "our legal obligations very seriously and is working cooperatively with regulators and the authorities."
No official investigation has yet been announced. It remains for us to wait for further developments and possible consequences of this situation.
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