Friday, May 14th 2021
Binance, World's Largest Crypto Exchange, Reportedly Under Investigation by DoJ, IRS
Binance, the world's largest crypto exchange in trade volume, is reportedly being investigated by both the US Department of Justice and the IRS. Ever since its founding in 2017, Binance has been the de-facto castle door towards the world of crypto - that the eyes of justice and fiscal-enforcement are set upon it shouldn't come as a surprise. Incorporated in the Cayman Islands - a well-known offshore paradise for avoidance of taxation - the firm has an operating office in Singapore, and has thus been able to skirt massive amounts of tax (though not unlike many other, more traditional businesses do). The investigation also shouldn't come as a surprise considering how cryptocurrency - for all its technological and economic impact - is now one of the more common currencies in usage for the enablement and support of illegal activities.
According to Chainalysis.inc, a company specializing in scrutinizing the crypto market and its players, Binance was the principal crypto exchange through where funds derived from illegal activities went. According to the company, the amount of money attributed to illegal activities isn't low either; Chainalysis estimated Binance was the gateway of choice for moving upwards of $756 million dollars in illegal activities, a tidy percentage of its 2.8 billion dollar flux in that same year. No formal investigation has been announced yet, but this could be the prelude to a deeper dive onto the company's finances and possible enablement of criminal activity.
Source:
TechSpot
According to Chainalysis.inc, a company specializing in scrutinizing the crypto market and its players, Binance was the principal crypto exchange through where funds derived from illegal activities went. According to the company, the amount of money attributed to illegal activities isn't low either; Chainalysis estimated Binance was the gateway of choice for moving upwards of $756 million dollars in illegal activities, a tidy percentage of its 2.8 billion dollar flux in that same year. No formal investigation has been announced yet, but this could be the prelude to a deeper dive onto the company's finances and possible enablement of criminal activity.
66 Comments on Binance, World's Largest Crypto Exchange, Reportedly Under Investigation by DoJ, IRS
Main thing that bothers me about Crypto is trying to establish why one is worth more than other? There aren't any fundamentals or any return for holding.
Their value is just a consequence of how well promoted on social media they are.
It's pure speculation, just a 21st century version of a pyramid scheme. With social media to get new people in and Covid stimulus as the catalyst.
Presuming any US dollars are used by binance they're in the DOJs jurisdiction. Doesn't matter if they're in the US or not.
If they're laundering the likes of the ransom money then I would expect big trouble for them. Not a coincidence Turkey added crypto to its terror funding regulations either.
I think you need to look at other markets before laying all the blame at just one. It's all manipulated one way or another. Just go and look at silver for instance.
With good blockchain banks are as good as dead.
www.amazon.ca/Ledger-Nano-Cryptocurrency-Hardware-Ethereum/dp/B07FY5R77T/ref=sr_1_1_sspa?dchild=1&keywords=bitcoin+ledger&qid=1621078892&sr=8-1-spons&psc=1&spLa=ZW5jcnlwdGVkUXVhbGlmaWVyPUEzUkFLOEpWNzBDOFNSJmVuY3J5cHRlZElkPUEwNjM5MjYxMlFaWlo3SDQ2TUM5UCZlbmNyeXB0ZWRBZElkPUEwNDU4MDIzMzhVSFU4V0E2RkxKSSZ3aWRnZXROYW1lPXNwX2F0ZiZhY3Rpb249Y2xpY2tSZWRpcmVjdCZkb05vdExvZ0NsaWNrPXRydWU=
I know it sucks to have no gas, but Colonial Pipeline are the only ones to blame here. We've been through Petya and pseudo-petya, we've encountered countless mass-hacks through an unpatched RDP vulnerability, yet still - here we are.
People can just as easily launder money through car/home/small business loans, or through mass online purchases, but you don't see law enforcement agencies going after banks or online stores in these cases- they are going after perpetrators.
The main issue here is DoJ and IRS wants information, which Binance is not [yet] obligated to disclose. And we all know how that goes with Yankees: "if you are not with us - you are against us".
One thing I would like for coin base to improve on is their bullshit talk about no fees when trading crypto with crypto. They have this exchange fee built in due to price fluctuation which is bullshit lol. It happens to be pretty close to the fee if you were to sell for cash or buy with cash. That is something I hate their tactic for but once you know you are better off. I only swap crypto when I have profits even with the fee. I did a few times thinking it was no fee and then checked my balance and it was 20 less each time lol. I was like fuckers.
Sure there is coinbase pro, but wish I had time to play around more so I have been keeping it in one place.
Only regulation could crush the crypto scene in it's current form. (Or disrupting the powers grids)So what's the alternative?, because the other snakes out there can be equally as bad if not worse.
Oh my, imagine the world then.