Binance is being scrutinized for money laundering & tax evasion

One of the world’s biggest cryptocurrency trading companies is under scrutiny for money laundering and tax evasion.

The U.S Justice Department and Internal Revenue Service (IRS) are investigating Binance Holdings, a popular cryptocurrency trading company for money laundering and tax evasion.

Although the agencies have not outrightly stated that Binance did anything wrong or illegal, the probe by the agencies is in an attempt to examine and ascertain that no illegal activities have occurred in the cryptocurrency market as it is very unregulated.

This is coming after a blockchain forensics firm revealed that certain transactions that are allegedly associated with crime passed through Binance.

Anonymous individuals who are knowledgeable about Binance’s operations have been sought out to assist with the highly confidential investigation.

The spokeswoman for Binance, Jessica Jung, said:

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”

Binance has refused to give specific details on the situation of things.