IRS is investigating crypto money launderers
According to media news, the Department of Justice and the Federal Tax IRS are currently investigating crypto money launderers. To do this, they work with the exchange Binance.
The largest Bitcoin exchange in the world is apparently in the sights of the tax authority IRS. This is reported by the news, citing an anonymous source. Thereafter, officials from the IRS and the Department of Justice have requested data from anyone who has insight into the business of Binance Holdings. The background to the investigation is the suspicion that criminals are using the exchange for money laundering.
Binance Emphasizes Willingness
Binance spokeswoman Jung signaled the willingness of the exchange to cooperate with the authorities. In addition, Jung refers to the precautions that Binance has already taken to financial crime.
Meanwhile, the market watchdogs recently scrutinized the Bitcoin exchange behemoth. Specifically, it is about the controversial share tokens that Binance recently introduced. These are crypto tokens that track the share prices of companies. For BaFin, this means that the fine line to security has been crossed. At the end of April, the authority published a consumer notice with the reasonable suspicion that Binance should have prepared a securities prospect for its stock tokens - as is mandatory for the offering of typical securities. Here, too, the Bitcoin exchange has emphasized its willingness to cooperate with regulatory authorities.
Binance spokeswoman Jung also did not want to comment on whether there were ongoing investigations. However, Binance takes its obligations very seriously and works cooperatively with the supervisory and law enforcement authorities. She added: "We have worked hard to build a compliance program that includes anti-money laundering and the tools used by institutions to identify suspicious activity."
The contents of this article are for informational purposes only and are not investment advice.