World's largest cryptocurrency exchange is under investigation by SEC

The US Securities and Exchange Commission (SEC) has reportedly launched an investigation into the world's largest crypto exchange.

@JakConnorTT
Published Wed, Feb 16 2022 1:03 AM CST   |   Updated Mon, Mar 14 2022 2:03 AM CDT

Reports indicate that the world's largest cryptocurrency exchange is under investigation by the United States Securities and Exchange Commission (SEC).

World's largest cryptocurrency exchange is under investigation by SEC 01 | TweakTown.com

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.

For more information on this story, check out this link here.

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NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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