Friday, January 27, 2023

US tax cites hedge fund in connection with Binance

Federal prosecutors are investigating the chief exchange Cryptocurrency firm Binance and several hedge funds have been subpoenaed as part of their investigation, reports The Washington Post.

The Seattle US Attorney’s Office has issued subpoenas to investment firms negotiating with Binance. Hedge funds were required to provide records of their communications, according to the report exchange,

The report states that the summons Doesn’t mean authorities want to press charges against him exchange, However, it is a sign of federal interest in the company’s operations.

Binance Trading Attracts Regulatory Interest

Binance’s operations have attracted increasing regulatory interest amid recent developments in the crypto space.

In December, reports surfaced US Department of Justice officials are considering taking Binance to court. The report added that the authorities were divided over the course of action against the exchange.

Meanwhile, another report indicated that drug cartels use exchange Laundering millions of illegal profits under the leadership of Changpeng Zhao.

According to the Washington Post report, Patrick Hillman, chief strategy officer of Binance, said this exchange was in talks with all the regulators in the world, Hillman declined to comment on whether exchange was under some scrutiny in the United States.

Binance moves forward

These regulatory investigations resulted in massive FUD recently exchange, The CZ-led firm processed over $6 billion in withdrawals in seven days, Because doubts had arisen about its solvency.

Binance emerged safely despite the current market conditions and record withdrawals from its platform.

Meanwhile, several cryptocurrency companies, such as Celsius, Voyager, Blockfi, FTX, etc. filed for bankruptcy last year.

Recently, the financial health of the crypto conglomerate Digital Currency Group and its Genesis subsidiary have attracted interest from regulators.

As its rivals struggle through 2022, Binance said it has secured 14 licenses and grown its workforce to over 7,000 people. exchange Wants to expand its business in South Korea Through the acquisition of Gopax, a local cryptocurrency company.

Recently, Binance became the first exchange To join the Association of Certified Sanctions Specialists (ACSS), a body focused on advancing sanctions compliance measures.

disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news