Report - exchanges
Report - exchanges
Binance's problems with the supervisory authorities are increasing, since the US authorities are now reporting to examine the stock exchange for possible insider trading and market manipulation. The Commodity Futures Trading Commission (CFTC) is involved in the study. The Ministry of Justice (DOJ) and the Internal Revenue Service (IRS) have also examined Binance on another topic.
Binance for possible insider trade and market manipulation examined
US authorities are now investigating Binance for possible insider trade and market manipulation in order to determine whether the company or its employees benefited from the use of its customers, Bloomberg reported on Friday, citing the matter. Binance was cited with the words:
At Binance we have a zero tolerance policy for insider trade and a strict ethical code in relation to any kind of behavior that could have a negative impact on our customers or our industry.
The investigators of the Commodity Futures Trading Commission (CFTC) are involved in the review, which have contacted potential witnesses in the past few weeks, it said in the publication. The derivative watchdog has already examined whether Binance allows US citizens to buy and sell derivatives that are associated with Bitcoin and other cryptocurrencies, which is prohibited, since Binance is not registered with it.
In addition to the CFTC, the US Justice Ministry (DOJ) and the Internal Revenue Service (IRS) against Binance are also determined. The publication also reported the two previously initiated criminal studies as to whether the stock exchange was a channel for money laundering and tax evasion. The company is not accused of misconduct and the investigation must not lead to official measures.
A growing number of supervisory authorities worldwide has warned Binance for illegal work in their jurisdiction, including in Great Britain, Japan, Thailand, Malaysia, Hong Kong, Singapore, the Netherlands, Germany, Lithuania and South Africa.
What do you think that is investigated against binance for market manipulation and insider trade? Let us know in the comment area below.
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