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Binance Under Investigation for Illegal Bitcoin Trades

Crypto exchange Binance is said to be under investigation for possible illicit trading through its platform.

Binance Under Investigation for Illegal Bitcoin Trades iBase Trading.
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Crypto exchange Binance is under investigation for possible illicit trading through its platform.

The exchange was able to support approximately $756 million worth of Bitcoin transactions in 2019 related to criminal activity. According to a recent report by


According to Bloomberg, there are ongoing investigations by the US Internal Revenue Service and the US Department of Justice. Binance is specifically investigating possible allegations of public officials involved in money laundering and tax violations.

The investigation aims to determine whether Americans were able to purchase digital token-related derivatives and trade illegally through Binance. US citizens can only purchase these from companies registered with the CFTC. Binance plans to register with the CFTC as a broker and has not yet registered.

At this time, we cannot determine the report states the details of the investigation or what the authorities are investigating. It has also been clear that the investigation does not necessarily lead to allegations of illegal activity.

Cryptocurrency analytics firm Chainalysis reported that in 2019, about $756 million of the $2.8 billion in criminal transactions took place through Binance. These funds transfers were made in Bitcoin.

In an email to Verge on this subject, the note that Binance takes these legal obligations very seriously. It also said it has a robust compliance program that includes anti-money laundering principles and tools that financial institutions use to detect and eliminate suspicious activity. The response further mentioned that Binance has a long history of supporting law enforcement agencies around the world.

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Nicholas Martinez is passionate about making the crypto world more accessible by bringing the latest news to the space. He has a MBA in Business Analytics and has shown an interest in cryptocurrency from as far back as he can remember.