Last minute! US Binance Investigation, Bitcoin Is Falling!
Binance, the world’s largest cryptocurrency exchange in terms of volume, has not been experiencing any good things for a few days. The popular crypto currency exchange saw its customers start to flee after the WSJ news. Now the US has taken action. Investors are nervous and the Bitcoin price has fallen as low as $ 16,937. Investors need to be prepared for the volatility that will be experienced due to new developments.
According to four people familiar with the matter told Reuters, differences of opinion between US Justice Department prosecutors are delaying the conclusion of a long-running criminal investigation into the world’s largest cryptocurrency exchange Binance. Dec. The investigation began in 2018 and focused on Binance’s compliance with U.S. anti-money laundering laws and sanctions, these people said.
Two of the sources said some of the at least half a dozen federal prosecutors involved in the case believe the evidence already gathered justifies moving aggressively against the exchange and filing criminal charges against individual executives, including founder Changpeng Zhao. Others argued that more evidence needed time to be examined, the sources said.
The investigation is being led by prosecutors in three divisions of the U.S. Justice Department.
Anti-Money Laundering and Asset Recovery Division known as MLARS
U.S. Attorney’s Office for the Western District of Washington in Seattle
National Cryptocurrency Implementation Team
Why Are Crypto Coins Falling?
If the investigation ends against Binance and Zhao, this will cause serious blood loss for the world’s largest crypto exchange by trading volume. Binance, whose hand strengthened after the collapse of the FTX exchange and increased its market dominance, is being investigated by many institutions. According to Bloomberg news, the SEC has a preliminary investigation process for BNB and discussions with company officials are ongoing.
Little has been disclosed about the case. Reuters had previously reported in 2020 that prosecutors had requested extensive internal records from Binance related to anti-money laundering controls, as well as communications involving Zhao and other executives. A spokesperson for Binance said that they did not have information about the inner workings of the US Department of Justice and would not comment. The Bitcoin price is at $ 16,935 at the time of writing, especially the melting in altcoins continues.