Largest cryptocurrency exchange investigated for tax crimes

Binance is the world’s largest cryptocurrency exchange platform. The service was created in 2017 and is based in the Cayman Islands, a renowned tax haven.

However, Binance is currently under investigation by the US Department of Justice and the US Internal Revenue Service. We are talking about suspicions of money laundering and tax crimes.

Those who follow the cryptocurrency market are probably already used to a certain set of concepts and platforms. CoinMarketCap, Coinbase, Binance, Ethereum, Bitcoin, Dogecoin, among others, are some of the most common terms when it comes to digital currencies.

Cryptocurrencies are undoubtedly one of the most talked about and controversial topics at the moment. And every day there is news, both favorable and less profitable for this segment.

Binance is being investigated for money laundering and tax crimes

Binance, the world's largest cryptocurrency exchange is currently under investigation by the US Department of Justice and the US Internal Revenue Service on suspicions of money laundering and tax crimes.

The platform is based in the Cayman Islands, a tax haven associated with tax evasion. In addition, the company also has an office in Singapore. Thus, the platform may have avoided a lot of taxes.

In accordance with ChainalysisBinance, a cryptocurrency market analytics company, was the primary digital currency exchange through which illicit funds were channeled. And the values ​​were not low at all.

Chainalysis estimates that Binance has committed more than $ 756 million in illegal activity. And that's the bulk of its $ 2.8 billion flow last year.

A Binance spokesperson added that the company takes its legal obligations very seriously and works with regulators and authorities.

No official investigation has yet been announced. It remains for us to wait for further developments and the possible consequences of this situation.

Read also: