The US authorities have sent US Hedge Funds Sued and to the market making companies they deal with Binanzathe largest cryptocurrency exchange in the world, asking them for records of their communications with the exchange.
According to an article published by The Washington Post on Saturday, the US Attorney’s Office for the Western District of Washington in Seattle has issued subpoenas to investment firms linked to Binance, asking them to share recordings of their communications with the platform.
Legal experts reportedly said that these subpoenas do not necessarily mean that authorities are likely to file charges against Binance.
“Prosecutors are still discussing a possible deal with Binance and are assessing whether they have enough evidence to file charges against the company,” the newspaper wrote.
The quotes are part of a broader investigations into potential violations of money laundering laws from the world’s largest cryptocurrency exchange, which was first reported by Bloomberg in June of last year. According to the article, the SEC is also investigating whether Binance’s ICO (initial token offering) of its BNB in 2017 was an unregistered stock offering.
Federal investigation into Binance comes as the cryptocurrency industry grapples with a hostile position of regulators around the world. The recent implosion of FTX, which was once the third largest cryptocurrency exchange in the world, has further heightened concerns about unregulated online marketplaces where digital assets are bought and sold.
Binance Chief Strategy Officer Patrick Hillmann reportedly said so the exchange talks to “virtually every regulator in the world” on a daily basis. While acknowledging that Binance had some shortcomings in cooperation and compliance with regulatory policies in the early years. Hillmann also said the exchange is now very serious about compliance.
“Over the past two years, the company has completely changed its posture. Now that we have these assets, we are theone of the most proactive entities to identify, freeze and recover funds [blanchis par des criminels].”
In mid-December, Reuters reported that Changpeng Zhao, CEO of Binance, may also face the challenge allegations of conspiracy to commit money laundering and other violations in the United States. According to the article, Binance has been under investigation by the DOJ since 2018. The investigation allegedly involves money laundering, unlicensed money transmission, and criminal sanctions violations.
A potential plea deal is reportedly being discussed between Department of Justice (DOJ) officials and Binance lawyers.
Binance is not the only major exchange to have been accused of violating money laundering laws. Last week, Coinbase Agrees to Pay a Total of $100 Million to Resolve Claim Over “Certain Historical Deficiencies” in Its Regulatory Compliance Work.
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