Reports indicate that the world's largest cryptocurrency exchange is under investigation by the United States Securities and Exchange Commission (SEC).
On Tuesday, the Wall Street Journal reported that the SEC has launched a probe into Binance for its relationship between trading firms Sigma Chain AG and Merit Peak. The report states that the SEC has requested information to be provided on Binance's relationship with the aforementioned parties that are constantly trading on Binance's platform and how that relationship was disclosed to users of the exchange.
The WSJ report cited documents from 2019 that revealed ties between Binance CEO Changpeng Zhao and the two trading firms Sigma Chain AG and Merit Peak. This isn't the first time Binance has reportedly been under investigation by a government body, as in May 2021, the Department of Justice (DOJ), as well as the Internal Revenue Service (IRS), launched a probe into the cryptocurrency exchange regarding crypto coins being used to perform illegal acts.
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