Binance is being investigated by the Federal Revenue Service, says Bloomberg

Charlie Taylor

Binance Holdings Ltd. is facing a federal investigation by the U.S. Department of Justice and the Internal Revenue Service, according to a Bloomberg report on Thursday. Specialized tax and money laundering authorities are investigating the largest cryptocurrency exchange. in the world, according to the report. Binance has a gigantic cryptocurrency trading operation, including derivatives, which are essentially excluded from the U.S. market. Binance recently entered into major regulatory hires, including former United States senator Max Baucus and former banking regulator Brian Brooks who joined as CEO of Binance.US last month. For Coindesk, a spokesman for Binance said that the broker takes legal obligations very seriously and collaborates with regulators and law enforcement officials in a collaborative manner. "We work hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and deal with suspicious activity."

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But while the spokeswoman declined to comment on the reported investigation, Binance “CZ” CEO Changpeng Zhao commented on the Bloomberg article in a tweet saying:

“The title of the“ news ”is negative. The article itself isn't really that bad (but whoever reads it). He described how Binance collaborated with law enforcement agencies to fight bad participants, but somehow it made it look like a bad thing … Anyway. Back to work."

See also: What is the backing of USDT? Tether reveals composition of its reserves

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