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Binance is under investigation, it sparks fear in crypto markets

Binance is under investigation, it sparks fear in crypto markets

According to a bombshell report in Bloomberg, the largest crypto exchange Binance is being investigated by the IRS and the Department of Justice, with officials who handle financial fraud and tax offenses in particular taking an interest in Binance’s business.

Anonymous sources told Bloomberg that officials specializing in the investigation of money laundering and tax evasion are now questioning individuals.

The investigation and its implications are another blow in a week that already saw the SEC expressing a lack of confidence in the cryptocurrency markets, citing a lack of investor protection and a need for greater regulations in the crypto and Bitcoin futures markets.

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