Leading cryptocurrency exchange platform, Binance is undergoing investigation from the United States Department of Justice and Internal Revenue Service as the authorities seek to curb unhealthy trading activities within the USA.
The inquiry is part of a large scale investigation seeking to uncover irregular cryptocurrency transactions executed on Binance by some U.S. residents.
Sources believe that Binace Holding Ltdare not necessarily connected to the allegations.
But the digital assets company are expected to fully corporate with the proceedings.
CEO Changpeng Zhao says they will join forces with the authorities to “fight bad players”.
Virtually every digital asset has taken a hit majorly due to Elon Musk’s saga (and to some extent, this investigation).
The entire crypto community are currently going through one of their toughest phases this year.