Binance Coin Price May Suffer After Allegation On Binance For illegal Bitcoin Trades.

Binance coin Price might suffer, as crypto exchange Binance under investigation for illegal bitcoin trades.

Binance coin prices are going to suffer a lot. Crypto exchange Binance is under investigation for illegal bitcoin trade taking place. Binance is a Cayman Islands-domiciled exchange and also the most popular. The best exchange in 2021 now suffers humiliation by all.

The Accusations that started it all

Binance is going through an investigation by the U.S Government for fraud, trade, and illegal attractions. It does not pay the whole tax. Keeping the money with themselves, they are also accused of doing money laundering.

Besides this, there is not yet a wrongdoing accusation. Binance stands on its ground. It claims that all obligations are false. All the accusation sums up for about $ 756 million alone in 2019 only. U.S Government states that they also find traces of criminal activity as well.

The investigation also wants to know if Americans are doing so. Or if anyone made illegal trades. Binance is not under CFTC. It makes the work and trade illegal. Binance was thinking about the registration, but has not done it yet!A cryptocurrency analysis firm also states that more than 20% of frauds in 2019 were done by the exchange. Binance and the internal revenue service are working to keep a check on illegal activities.

“We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity,” says Jessica Jung in her mail.

On one hand, U.S officials worry about cryptocurrencies. On the other hand, Wall Street Brokers embrace the change! What will the future hold? Worrying will not help so let us stay updated and happy. Stay Tuned for more!

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