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.