Binance, has seen extraordinary growth over the last 3 years, becoming the top exchanges for crypto spot & derivative trading. Like the cryptoindustry it operates in, binance has succeeded largely outside the scope of government oversight. But the increasing crypto adoption & investment from tradition finance or payment sectors has draw more people from all walks of life to the crypto industry. As crypto more entangled with the real world, the impact of crypto has raised concerns by the regulators.
Binance is incorporated in the Cayman Islands and has an office in Singapore but says it lacks a single corporate headquarters, a.k.a distributed officing network, as claimed in the official website.
It’s reported by Bloomberg in May 2021 that Binance was being investigated by justice Department, IRS. for money-laundering, as well as tax-evasion, which is a very common crime allegations against crypto exchange.
Over the past 4 years, U.S. authorities from different govenment agencies, have investigated BitMex, Bitfinex, ect under the same allegation.
As crypto goes mainstream, it’s common that the crypto space are connected to the illegal practices like money laundering, hacking, tax evasion, etc, simply because the inherent attributes of blockchain — trustless, permissionless, decentralized.
We’ll eager to see how the binance probe progess and conlcud.
