Reportedly Binance exchange is under the radar of the US Securities and Exchange Commission (SEC) agency.
Binance is a first ranked crypto exchange, which is known to provide highly secured and better crypto services for crypto Investors. Its services always remain easy to use for beginners and pro users. Last year, the exchange faced huge scrutiny issues from many regulatory bodies but now the exchange is working to become the globally regulated crypto exchange.
According to available reports, the US SEC agency is doing an investigation against the Binance exchange. Agency will find out possible violations from the Binance exchange for its 2017 ICOs offerings.
However, nothing is 100% clear because no statement came officially from any official source but still statements & information from anonymous sources are hinting that reports may be true.
A spokesman from Binance told to Blockworks:
“We have been working very diligently to educate and assist law enforcement and regulators in the US and internationally..(..). We will continue to meet all requirements set by regulators.”
Illegal funds transactions
According to Reuters report, the Binance exchange processed $2.35 billion in illicit transactions between 2017 and 2020 which are said to have derived from hacks, fraud, and the illegal sale of drugs.
However these things may not be true but here Binance exchange needed to talk openly, whether it was an intentional mistake or was a failure of exchange, which failed to prohibit such illegal transactions.
In 2017, the Binance exchange collected around $15 million for its Binance coin ICO, where it sold every ERC-20 BNB token for $0.15.
Now here it will be interesting to see the response of the Binance exchange. However, Binance exchange is not directly available in the US but its subsidiary BinanceUS provides services and it is independent of Binance exchange but surely Binance CEO Changpeng Zhao holds a huge stack in Binance and BinanceUS.